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Normal retirement date |
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Normal retirement dateSee 'basic state pension'.Similar MatchesEmployee Retirement Income Security Act (ERISA)Employee Retirement Income Security Act (ERISA)The law that regulates the operation of private pensions and benefit plans. Individual Retirement Account (IRA)Individual Retirement Account (IRA)A retirement account that may be established by an employed person. IRA contributions are tax deductible according to certain guidelines, and the gains in the account are tax-deferred. Individual retirement accountIndividual retirement accountIn the US, a tax-deferred retirement savings account which may be set up by people in employment. IRA contributions are tax deductible irrespective of income if neither spouse is a member of a qualified plan or trust. A person who is a member of a qualified plan may still deduct IRA contributions providing adjusted gross income is below a certain level. Although savings grow tax free over the term of the plan, when pension benefits are taken, they will be liable to tax. Debt retirementDebt retirementThe complete repayment of debt. See: Sinking fund. Early retirementEarly retirementFor company pension schemes, an employee may retire at an early age provided it is authorised by the company. In the UK, qualifying ages are 50 for men and 45 for women. However, the amount of pension payable will reduce compared with the amount payable at normal retirement age. Further SuggestionsEmployee Retirement Income Security ActRetirement normal retirement age Registered Retirement Savings Plan (RRSP) Tax deferred retirement plans Retirement Protection Act of 1994 unfunded unapproved retirement benefits scheme Bonds Enabling Annual Retirement Savings (BEARS) retirement annuity contract (RAC) phased retirement IRA (individual Retirement Account) retirement relief Normal retirement |
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