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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.

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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Individual Retirement Account (IRA)

An IRA, or Individual Retirement Account, is a retirement savings plan that offers tax benefits for those with earned income. It allows individuals to defer paying taxes on ...

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Profit-Sharing Plan Definition

A profit-sharing retirement plan allows employers to decide on annual contributions to their employees' tax-deferred accounts. These contributions are distributed based on a...

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Money Purchase Plan Definition

A money purchase pension plan, also known as a defined contribution plan, requires employers to contribute a fixed percentage of eligible employees' salaries to individual a...

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