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Posts Tagged ‘retirement plan’

June 16th, 2010

What is a 408(k) Plan?

(Money Manager) - A 408(k) is a plan that allows employees of smaller companies and those who are self-employed to save money for retirement. Although many people think the 408(k) term is the actual name of a plan, it is really a term that describes an Internal Revenue Code. This code defines and details the Simplified Employee Pension account, which is commonly referred to as an SEP account. These plans allow individuals to contribute to a retirement plan account using their pre-tax dollars. The use of pre-tax instead of after-tax dollars can effectively reduce an employee's income for the year, which can result in significant tax savings for the individual.

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June 7th, 2010

What is a Term Certain Annuity?

(Money Manager) - A term certain annuity is an insurance product which is designed to provide a person with predetermined payments over a designated period of time. Term certain annuities can be purchased gradually over many years, with the person making regular payments towards the total purchase amount. However, these are often purchased at the time of a person's retirement, using one lump sum of retirement funds. The main thing to keep in mind when purchasing a term certain annuity is that they are designed for a specific timeframe. Once the overall term has expired, there can be no further payments made.

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June 1st, 2010

What is the Teacher Retirement System?

(Money Manager) - Teacher retirement systems are offered by individual states, for the purpose of offering pension and retirement benefits to teachers and other qualifying education system employees. These systems can vary widely from state to state in the way they are funded and how the contributions are made. There are also differences in how the percentage of the teacher's final salary is calculated according to the plan and how a teacher qualifies for the pension. There are also differences in the portability of the pension benefits.

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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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April 16th, 2010

What is a SARSEP?

(Money Manager) - A SARSEP was an employer-sponsored retirement plan limited to state and local governments. Private businesses could not establish SARSEP, and SARSEPs can no longer be established. 1997 was the final year SARSEPs were able to be established.

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March 12th, 2010

What is a SIMPLE IRA?

(Money Manager) - What is a SIMPLE IRA? A SIMPLE IRA is an employer-sponsored retirement plan. It stands for "Savings Incentive Match Plan for Employees".

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December 31st, 2009

Retirement Plans

(Tad Majerek) - Is it possible to put more away in your retirement plan. Yes, with the Cash Balance Plan. The CBP is a hybrid of a traditional defined benefit plan and a 401(k) plan. This combination is often a good fit for professional service organizations, such as doctors groups, law firms, consultants and high net worth business owners of closely held companies which have demonstrated a consistent profit pattern and will continue to do so for several more years. The Cash Balance Plan offers an enhanced retirement vehicle which allows for accelerated retirement savings, while taking advantage of potentially tremendous tax benefits. Depending on the situation as much as $200,000 per individual.

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September 9th, 2008


(Money Manager) - A 401k is a type of employer-sponsored retirement plan. It is a way for employees to save for their retirement by having a certain percentage of their paycheck withheld by their employer and deposited into the company's plan. Employers can choose to match the employee's contributions and thereby share the profits of the company with their employees. The plan is usually operated through an investment firm.

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