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Spousal IRA Definition

This allows for a more balanced retirement savings strategy within a household.

As a knowledgeable professor in finance, it's important to understand the concept of Spousal IRAs. These unique retirement accounts allow non-working spouses to contribute the full amount to an individual retirement account, as long as their working spouse earns enough to cover the contribution. This money then belongs to the non-working spouse, regardless of the source. This provides an opportunity for a more balanced retirement savings approach within a household. Whether choosing between a traditional or Roth IRA, income caps and contribution limits still apply.

Required Minimum Distribution

A crucial aspect of managing your retirement funds is understanding the concept of Required Minimum Distributions (RMDs). These are mandatory withdrawals from qualified retir...

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Death Distribution

Let us delve into the concept of IRA beneficiary distribution, which involves the disbursement of IRA funds to a designated recipient following the passing of the IRA owner....

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401(k) Plan

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Early (premature) Withdrawal

Retirement planning involves considering various factors, one of which is the possibility of withdrawing funds from an IRA or 401(k) plan before the age of 59½. Such early w...

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Simplified Employee Pension Plan (SEP)