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A qualified retirement plan meets specific IRS guidelines and receives tax-favored benefits.
Defined benefit and defined contribution plans are the most popular examples and are often used when planning retirement.
A full-time financial adviser or broker is clearly the best resource for providing specific information and how you can apply it to your personal situation.
Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
A qualified plan is generally a government sanctioned retirement plan that offers some type of tax advantages. Under ERISA, the Employee Retirement Income Security Act of 1974, defined contribution plans have become very popular, especially employer sponsored 40(k)s. The pretax contributions accumulate tax deferred and can accumulate tax deferred until age 70 1/2 when mandatory minimum distributions are generated.
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Defined benefit and defined contribution plans are the most popular examples and are often used when planning retirement.
A full-time financial adviser or broker is clearly the best resource for providing specific information and how you can apply it to your personal situation.