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Retirement Planning

Qualified Retirement Plan

It is designed to provide retirement benefits to employees.

A retirement plan, whether Defined Benefit or Defined Contribution, is a crucial component of financial planning for employees. These plans receive special tax treatment, as they comply with the regulations set forth by the Internal Revenue Code. Their purpose is to provide employees with retirement benefits, ensuring financial security during their golden years. Understanding the intricacies and benefits of these plans is essential for making informed financial decisions.

Defined Benefit Plan

A retirement plan, referred to as a 'qualified plan', is structured to provide a benefit to employees upon retirement. The benefits are usually calculated as a percentage of...

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Form 8606

A crucial form in the realm of finance, the IRS tax form for non-deductible IRA contributions is an essential tool for accurately reporting personal finances. This form serve...

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Primary Beneficiary Definition

A person or entity, known as a primary beneficiary, holds the first right to inherit an asset. Retirement plans, annuities, and life insurance policies typically allow the a...

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Required Minimum Distribution (RMD)

The Internal Revenue Service (IRS) requires individuals with an Individual Retirement Account (IRA) to withdraw a minimum amount each year once they reach the age of 70½. Th...

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