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  2. Defined benefit pension plan - Wikipedia

    en.wikipedia.org/wiki/Defined_benefit_pension_plan

    Personal finance. 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.

  3. Defined contribution plan - Wikipedia

    en.wikipedia.org/wiki/Defined_contribution_plan

    A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee contributions and, if applicable, employer contributions) plus any investment earnings on the money in the account.

  4. 'This is a double-tax whammy!': A growing number of ... - AOL

    www.aol.com/finance/double-tax-whammy-growing...

    According to asset manager Vanguard’s “How America Saves 2024” report, around 3.6% of workers participating in employer-sponsored 401(k) plans made a “hardship” withdrawal in 2023, up ...

  5. SIMPLE IRA - Wikipedia

    en.wikipedia.org/wiki/SIMPLE_IRA

    SIMPLE IRA. A Savings Incentive Match Plan for Employees Individual Retirement Account, commonly known by the abbreviation " SIMPLE IRA ", is a type of tax-deferred employer -provided retirement plan in the United States that allows employees to set aside money and invest it to grow for retirement. Specifically, it is a type of Individual ...

  6. Keogh plan - Wikipedia

    en.wikipedia.org/wiki/Keogh_Plan

    Benefits. The main benefit of a Keogh plan versus other retirement plans is that a Keogh plan has higher contribution limits for some individuals. For 2011, employees can generally contribute up to $16,500 per year, and the employer can contribute up to $32,500, for a total annual contribution of $49,000. The total contribution cap is $50,000 ...

  7. Individual retirement account - Wikipedia

    en.wikipedia.org/wiki/Individual_retirement_account

    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.

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