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What is a Qualified Retirement Plan?
While many corporations have eliminated traditional pensions, most continue to offer employees the opportunity to save for retirement through defined-contribution plans like 401(k) and 403(b) plans. Those numerical designations refer to the Internal Revenue Code sections that authorize the plans and have become shorthand for employee retirement savings vehicles. The question of “qualified” versus “non-qualified” refers to compliance with the 1974 Employee Retirement Income Security Act (ERISA).
How to Start a 702(j) Retirement Plan
A 702(j) plan is actually not a retirement plan at all. It is a life insurance policy. However, it is marketed to certain clientele as a retirement plan by some insurance agents.
Which Retirement Plans Offer Tax Benefits?
With so many retirement plans on the market, it can be challenging to understand the potential tax benefits of each plan. While most plans have some potential tax benefits, what plan might suitable depends on current age, desired retirement age, tax bracket, income, and more.
Is a Pension a Qualified Retirement Plan?
When retirement plans are mentioned, a pension is usually at the top of the list. Pensions were at the height of popularity during the 20th century until the rise of defined-contribution plans in the early 1980s.
What is a Defined Contribution Retirement Plan?
A Defined Contribution Plan is a retirement savings plan offered by an employer where an employee contributes funds to a retirement account. The contributions are usually pre-tax dollars.
What is a Keogh Retirement Plan?
In 1962, the Self-Employed Individuals Tax Retirement Act was established, otherwise known as the Keogh Act. The Economic Growth and Tax Relief Reconciliation Act dissociated the distinction between other plans and the Keogh plan. Since this Act, Keogh retirement plans are alternatively referred to as HR-10s or qualified retirement plans.
How Many Years of Retirement Should I Plan For?
Planning for retirement can seem like a daunting task, but estimating how many years you plan to spend in retirement can help you decide how to maximize your retirement plans.
What is a Distribution From a Retirement Plan?
A distribution from a retirement plan is when the account owner withdraws money from the retirement account. The IRS can consider these distributions taxable income, depending on the retirement plan.
What is a SEP Retirement Plan?
A SEP retirement plan is oriented toward entrepreneurs and small business owners. Like a 401(k), contributions to a SEP are pre-tax while distributions during retirement are taxed. Growth is tax-deferred until distributions begin. In this article, we’ll explore the additional features of a SEP retirement plan.
What is a 457(b) Retirement Plan?
While most people are familiar with 401(k) retirement plans, and many have at least heard of a Roth IRA and the nonprofit sector 403(b) plans, the 457(b) has not received the same widespread attention. This relative anonymity is likely because these plans are among the least common of the defined-contribution retirement plans. 457(b) plans are IRS-approved employee retirement programs offered by some state and local government agencies and a select few nonprofit employers. (Those offered by nonprofits may also be found in section 457(k) and vary slightly from their (b) counterparts.)
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