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Upon retirement, the participant's account is used to provide retirement benefits, often through the purchase of an annuity. Defined contribution plans have become more widespread over recent years and are now the dominant form of plan in the private sector.
Retirement planning, in a financial context, refers to the allocation of savings or revenue for retirement. The goal of retirement planning is to achieve financial independence.
Individual retirement account. An individual retirement account[1] (IRA) in the United States is a form of pension [2] provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age.
A Defined Benefit Plan is commonly recognized as a "pension" in the United States. The structure of these plans guarantees a payout to a retiree following their date of retirement.
A Keogh plan, pronounced KEY-oh, is a tax-deferred retirement plan available to income earning self-employed individuals and unincorporated businesses, such as sole proprietorships and LLCs.
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of ...
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