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Retirement Planning

Life Expectancy

Life expectancy refers to the estimated duration of an individual's life. Interestingly, a person can have multiple life expectancies depending on various factors. For instance, the Internal Revenue Service (IRS) has a life expectancy calculation based on a person's current age. However, a doctor's estimation may differ due to factors such as overall health, smoking habits, stress levels, and genetic predispositions.

Excess Contribution

An IRA contribution that surpasses the maximum legal limit is considered an excess contribution and is subject to penalty taxes. These taxes are imposed for each year that t...

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Term Certain Payment Option

An annuitant may choose from various options for payment, including the term certain option. With this selection, payments will continue for the minimum of either the number...

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Compounding

Welcome to our lesson on finance related terms. Today, we will be discussing the concept of compounding, which is essential in understanding how to create wealth. Compoundin...

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Automatic Investment Plan (AIP)

An automatic investment plan, or AIP, is a tool that facilitates the implementation of a dollar cost averaging approach in investing. Through this method, an investor can re...

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