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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.

Contribution Percentage Definition

A contribution percentage is a crucial aspect of your workplace retirement plan. It involves deciding how much of your paycheck you want to put towards tax-deferred contribu...

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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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IRA Rollover

When discussing financial planning, one important term to understand is "rollover." This refers to the transfer of funds from one qualified retirement plan, such as a 401(k)...

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Target Benefit Plan Definition

A target benefit plan is a type of retirement plan where employers are obligated to make regular contributions to their employees' retirement accounts. This plan places the r...

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