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Retirement Planning

Required Beginning Date (RBD)

An important aspect of Individual Retirement Accounts (IRAs) is the Required Minimum Distribution (RMD). This refers to the deadline for IRA owners to withdraw a certain amount of funds from their account. The first RMD must be taken by April 1 of the year after the IRA owner reaches 70½ years of age. This rule ensures that individuals do not delay taking distributions from their retirement account indefinitely.

Early (premature) Withdrawal

Retirement planning involves considering various factors, one of which is the possibility of withdrawing funds from an IRA or 401(k) plan before the age of 59½. Such early w...

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Cash Balance Plan Definition

A cash-balance plan is a type of pension plan that differs from traditional plans in the way benefits are calculated. Instead of receiving an annual payout in retirement, wo...

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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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Matching Contributions

A crucial aspect of 401(k) accounts is the employer contribution, which is determined by the individual's own contributions. This means that for every dollar the individual ...

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