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Retirement Planning

Life Expectancy

Life expectancy refers to the estimated duration of an individual's life. Interestingly, a person can have multiple life expectancies depending on various factors. For instance, the Internal Revenue Service (IRS) has a life expectancy calculation based on a person's current age. However, a doctor's estimation may differ due to factors such as overall health, smoking habits, stress levels, and genetic predispositions.

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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Social Security

Social Security is a government program that offers benefits for disability, death, and retirement to eligible individuals. All income is subject to Social Security tax, whi...

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Vesting

As we delve into the realm of finance, it is important to understand the concept of vesting. This refers to the predetermined period of time after which employer contributio...

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Primary Beneficiary Definition

A person or entity, known as a primary beneficiary, holds the first right to inherit an asset. Retirement plans, annuities, and life insurance policies typically allow the a...

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