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Thursday, 30 October 2008 |
By Jerry Glynn
 Retirement plans have an increasingly important role to play in terms of providing an income source in our later years. You have probably already heard of the concept of the "three-legged stool" of retirement, which symbolizes how Social Security, personal savings, and company retirement plans form the triad upon which we can derive funds to pay for our expenses later in life.
These plans actually serve many other purposes for both employers and employees, and they come in quite a few different varieties. Surprisingly, very few people really have a clear understanding of the plans that they have in use, despite the important role that they play in our lives. In order to clarify these issues regarding retirement plans, some of the more common plans are discussed below.
Qualified Retirement Plan. This type of plan meets the various requirements of the Internal Revenue Code or IRC, as well as the Employee Retirement Income Security Act of 1974 or ERISA. Retirement plans that conform to these requirements are qualified for a number of considerable tax benefits, some of which are tax deductible contributions |
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Last Updated ( Thursday, 30 October 2008 )
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