Tag: retirement plan

Retirement Highway Sign

Profit Sharing, Annuity Retirement Plan

A Profit Sharing Plan retirement account is an investment vehicle that allows the employer to share (this is done through a trustee) company earnings with participating employees. For an employee that operates a Profit Sharing Plan account, the employer contributes to the employee’s retirement accountΒ that are invested and can grow tax-free. Similar to many other retirement plans sponsored the employer,…

Retirement caution street sign

Employee Stock Ownership (ESOP), Keogh, Money Purchase Retirement Plan

The ESOP retirement plan is commonly practiced in the United States, and it is usually used by employees who are looking to become partners in their company. There is however a rule that govern the allocation of shares, even though each company has its own rule, it is necessary that the shares in an ESOP are allocated to specific employee…

Retirement Money Jar

457b, Thrift Savings (TSP), Solo 401k Retirement Plan

The 457(b) retirement plan is funded by the employer and it is also a tax-deferred retirement plan. The name β€œ457(b)” originates from the section that governs these plans in the Internal Revenue Code. It can also be called the β€œ457 plan.” Returns are being deducted from the paychecks of the 457(b) retirement plan subscribers to be set aside in an…

Retirement Hourglass

SIMPLE IRA, 401k, 403b Retirement Plan

This IRA was designed to serve as an incentive for smaller employers say 100 or less, to provide retirement plans for their workersΒ Β  while at the same time avoiding the rigors process associated with larger benefits retirement packages. A major benefit of this IRA is that they do not fall under the guidelines stated by the ERISA. Employers that operates…

Retirement Plan Paper Glasses

Spousal IRA, SEP IRA, SARSEP Retirement Plan

This is why it is commonly referred to as a spousal IRA. The spousal IRA is basically a term and simply a normal Roth IRA, or Traditional IRA. The idea behind having a spousal IRA is that a non-working spouse should have the freedom to build up retirement funds for themselves. An IRA can’t be mutually owned by the two…

Retirement Plan Leather Folder Money Red Pen

Traditional IRA, ROTH IRA, Rollover IRA Retirement Plan

Knowing how to invest your money for retirement plan could be a tough call, reason being that there are so many different types of accounts. IRAs can be one of the advisable ways to compound long-term saving s for retirement especially if you don’t have a retirement plan with your employer. Irrespective of your marital status- single, married or the…