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Normal retirement age |
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Normal retirement ageThe age at which an individual normally retires (60 to 70 for men and 55 to 70 for women). Men qualify for the state pension at 65 and women currently qualify at 60. However the qualifying normal retirement age for women will be increasing depending on their date of birth, the scale applying for those born after 6th April 1950. For personal pension plans individuals may take retirement between the ages of 50 and 75 and for retirement annuities between the ages of 60 and 75.Similar MatchesRetirementRetirementRemoval from circulation of stock or bonds that have been reacquired or redeemed. Registered Retirement Savings Plan (RRSP)Registered Retirement Savings Plan (RRSP)Tax-sheltered retirement plan for Canadian citizens, much like an American IRA. IRA (individual Retirement Account)IRA (individual Retirement Account)Savings programs available to individuals. The plans allow for a certain amount to be deposited each year. This money is not subject to income tax for that year or following years as long as it is not withdrawn. The money is taxed as withdrawn upon retirement, usually when the depositor is in a lower tax bracket. During the life of the account, the money may be put into various interest bearing investments. Securities dealers as well as banking institutions now offer IRA'S. Phased retirementPhased retirementThe arrangement of a personal pension plan in segments to enable the policy holder to take a pension in stages. The lump sum entitlement is also phased. The policy holder may elect to phase the purchase of an annuity or to phase income drawdown (see personal pension plan). Employee Retirement Income Security Act (ERISA)Employee Retirement Income Security Act (ERISA)The law that regulates the operation of private pensions and benefit plans. Further Suggestionsindividual retirement accountIndividual Retirement Account (IRA) Tax deferred retirement plans Normal retirement Employee Retirement Income Security Act Bonds Enabling Annual Retirement Savings (BEARS) unfunded unapproved retirement benefits scheme Debt retirement retirement relief early retirement retirement annuity contract (RAC) Retirement Protection Act of 1994 normal retirement date |
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