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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.

Related terms
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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Individual Retirement Accounts (IRAs)
An important aspect of personal finance is understanding retirement planning. One such option is the Individual Retirement Account (IRA), which offers various benefits such ...
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401(k) Plan
A popular financial strategy for retirement savings, the 401(k) allows employees to allocate a portion of their earnings into a designated account, often with employer contr...
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Coverdell Education Savings Account
A tax-advantaged savings account, formerly known as the Education IRA, that was introduced through the Taxpayer Relief Act of 1997 for the sole purpose of covering qualified...
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Automatic Investment Plan (AIP)
An automatic investment plan, or AIP, is a tool that facilitates the implementation of a dollar cost averaging approach in investing. Through this method, an investor can re...
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Employer Matching Program
One common type of employer matching program is known as "50% of the first 6%." This means that for every dollar an employee contributes to their 401(k) plan, the employer w...
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