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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.

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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Target Date Fund

A target date fund is a type of mutual fund that adjusts its risk level based on the investor's target date, usually their estimated retirement date. This is achieved by gra...

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Contingent Beneficiary Definition

A contingent beneficiary is someone who is next in line to receive assets such as a life insurance policy, retirement plan, or annuity. While spouses are typically designate...

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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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