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Retirement Planning

Cost of Living Allowance (COLA)

"Welcome, students. Today, we'll be discussing the concept of Social Security benefits and its annual adjustments. As you may know, these adjustments are made to keep pace with the rising cost of living, also known as the Cost of Living Adjustment or COLA. This ensures that the benefits received by retirees and disabled individuals maintain their purchasing power over time. Let's delve deeper into this crucial aspect of the financial world."

Contingent Beneficiary Definition

A contingent beneficiary is someone who is next in line to receive assets such as a life insurance policy, retirement plan, or annuity. While spouses are typically designate...

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Traditional IRA

Traditional Individual Retirement Accounts (IRAs) were created with the intention of incentivizing individuals to save for their golden years. This is achieved through three...

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Cash Balance Plan Definition

A cash-balance plan is a type of pension plan that differs from traditional plans in the way benefits are calculated. Instead of receiving an annual payout in retirement, wo...

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Non-qualified Retirement Plan Definition

A non-qualified retirement plan, often referred to as a NQRP, is a type of pension plan that does not meet the criteria for special tax treatment under the Internal Revenue ...

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