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Retirement Planning

Required Beginning Date (RBD)

An important aspect of Individual Retirement Accounts (IRAs) is the Required Minimum Distribution (RMD). This refers to the deadline for IRA owners to withdraw a certain amount of funds from their account. The first RMD must be taken by April 1 of the year after the IRA owner reaches 70½ years of age. This rule ensures that individuals do not delay taking distributions from their retirement account indefinitely.

Vested

It means that after a certain period of time, you will have full rights to those contributions and any earnings they have accrued. Understanding the concept of vesting is c...

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Substantially Equal Periodic Payments

One commonly used method for accessing funds from an IRA before reaching the age of 59½ is through substantially equal payments. This approach allows for penalty-free distri...

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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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Qualified Retirement Plan Definition

A qualified retirement plan is a valuable tool for both employers and employees, offering tax advantages that are granted by meeting specific criteria outlined in the Intern...

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