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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.

Life Cycle Fund

A life cycle fund, also known as a target date fund, is a type of mutual fund that adjusts its level of risk according to the age of its owner. As the investor approaches re...

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Early Retirement Penalty

other exemption A key concept in the realm of finance is the early distribution penalty, which is a 10% tax that must be paid when withdrawing funds from a retirement plan,...

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Traditional IRA

Traditional Individual Retirement Accounts (IRAs) were created with the intention of incentivizing individuals to save for their golden years. This is achieved through three...

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Suitability Standard

When considering the role of a broker in financial transactions, it is important to understand the level of responsibility they hold towards their clients. Unlike an investm...

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