August 30th, 2010
(Money Manager) - Independent 401(k) plans, which are sometimes referred to as a solo 401(k), are designed for one individual who is operating a sole proprietorship. These plans can also be used when a person is operating a small business with their immediate family member or their spouse. They are allowable under these circumstances in the case of a partnership, limited liability partnership (LLPs), corporations, S-corporations, and limited liability companies (LLCs), in addition to sole proprietorships. These plans can work if a person works as a contractor, consultant, independent real estate broker, or an entrepreneur, just to name a few possibilities.
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August 23rd, 2010
(Money Manager) - A Registered Retirement Savings Plan (RRSP) is used throughout a person's career to allow money to be saved for retirement. These plans are designed to be tax-deferred and are registered by the Canada Revenue Agency. These plans are set up through a financial institution, such as a bank or a credit union. Contributions to a Registered Retirement Savings plan are tax deductible, up to plan limit amounts.
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August 16th, 2010
(Money Manager) - Extended IRA Plans, which are sometimes referred to as multi-generational IRA plans, are designed for use by individuals who do not want to spend all of the money accumulated in their IRA plan, or those simply do not need to spend the money to cover their own needs. These plans are designed to allow a person to "pass down" an IRA account during their life expectancy to a designated beneficiary, known as the first generation beneficiary.
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Tags: account, amount, beneficiary, generation, ira plans, Life, money, person, plan, spouse, time
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August 9th, 2010
(Money Manager) - The term "spousal IRA" refers to an IRA that is set up and funded by an individual specifically for his or her spouse. These plans are generally implemented when a person's spouse has little or no income as a way to plan and save for that person's retirement.
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Tags: case, contribution, income, ira, IRA There, money, person, plan, Retirement, roth ira, spousal, spouse, tax
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August 2nd, 2010
(Money Manager) - The term "top hat plan" refers to special non-qualified retirement plans that are sometimes set up by companies for selected groups of individuals, who are usually key executives within the company. These plans are reserved for just this select group of individuals, who are generally in management or have highly compensated positions within the company. These plans are not considered by the Internal Revenue Service (IRS) to have tax-qualified status.
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Tags: amount, company, Executive Retirement, group, hat, income, money, NQDC, plan, Retirement, term
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July 26th, 2010
(Money Manager) - Defined-contribution retirement plans are quite common, and have been increasing in popularity over the last couple of decades. As compared to a defined-benefit plan, where an employee is guaranteed a certain monetary amount on a regular basis for as long as they live after retirement, defined-contribution plans come with no such guarantee.
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Tags: 401 k, assets, benefit plan, benefit plans, contribution retirement plans, decades, defined contribution retirement, financial risk, investment options, investments, lump sum, mutual funds, popularity, risk and uncertainty, stocks bonds, sum of money
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July 19th, 2010
(Money Manager) - Many people describe DB(k) plans as a hybrid mix of a traditional 401(k) plan and a defined benefit plan. This relatively new retirement plan option is poised to become a popular retirement option, as it combined several of the best benefits from both types of retirement plans.
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Tags: benefit plan, different kinds, economic climate, employee contributions, fluctuation, hybrid mix, income stream, paperwork, pension plan, pension plans, pension protection act, relative newcomer, retirement fund, retirement option, retirement plan option, retirement plans, stock market, traditional retirement, viable option, voluntary employee
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July 12th, 2010
(Money Manager) - A corporate pension plan is set up between a company and its employees or its employee union, specifically for the purpose of allowing money to be set aside for the employee's retirement. The specific details of these plans vary, depending on the particular plan that has been set up by an employer. Money can be placed into these plans in a number of different ways, both by the employee as well as by the employer.
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Tags: amount of money, benefit plan, contribution plan, contribution plans, corporate pension, different ways, employee union, investment plan, pension plan, retirement benefits, salary history
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July 5th, 2010
(Money Manager) - Conduit IRA plans are sometimes referred to as a Rollover IRA. These plans are designed to temporarily house fund distributions from other qualified retirement plans. They can be used as a temporary solution when a person leaves a company as a means of storing the money accumulated in that company's retirement plan.
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Tags: circumstances, conduit ira, expectation, fund distributions, gap, good solution, ira plan, job, jobs, money, period time, probationary periods, retirement age, retirement funds, retirement plan funds, rollover ira, tax exempt status, temporary solution
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