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November 1st, 2010

What are SBO-401(k) Plans?

(Money Manager) - SBO-401(k) plans are designed specifically for small business owners (SBOs). These plans are government registered and tax deferred, and can be used only by eligible participants. In order to be eligible to participate in an SBO-401(k) plan, the business must consist of the owner of the business along with their spouse.

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May 29th, 2010

What is a Tax-Sheltered Annuity?

(Money Manager) - A tax-sheltered annuity is an account where you can deposit some of your pre-tax dollars for the purpose of long-term savings. The money deposited in the annuity is not taxed when the money is deposited, but is instead taxed when the money is withdrawn. A tax-sheltered annuity can be a great addition to a person's overall retirement plan, but should not be the only type of plan used to prepare for retirement.

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May 15th, 2010

What is a Thrift Savings Plan?

(Money Manager) - A thrift savings plan, commonly referred to as a "TSP," is a retirement plan that was created as a result of the Federal Employees Retirement System Act of 1986. This plan was designed to provide for the retirement needs of those who worked for the federal civil service. The thrift savings plan was designed to provide these federal employees with the same kind of retirement savings plan that private sector employees have as a result of a 401(k) plan. Contributing to the thrift savings plan is accomplished in a similar fashion as with other retirement planning accounts, with a set amount being automatically deducted from the employee's paycheck while they are employed. There are a variety of funds within the thrift savings plan that a person can choose from when planning their retirement investments.

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September 15th, 2008


(Money Manager) - A SEP IRA is a type of individual retirement account that has different tax rules than other types of IRA's. With a few exceptions, a SEP IRA is subject to the same rules as a Traditional IRA. One of the differences is that a SEP IRA is set up by an employer for employees, or for himself if he is self-employed. Traditional IRA's are not set up by employees. As a result, SEP IRA's have rules as to who is an eligible employee, employer contribution limits, and so forth. Self-employed individuals with no employees make up the bulk of those establishing this type of IRA, although some employers with employees do have SEP IRA's.

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