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Tax deferred retirement plans |
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Tax deferred retirement plansEmployer-sponsored and other plans that allow contributions and earnings to be made and accumulate tax-free until they are paid out as benefits.Tax deferred retirement plans Similar MatchesBonds Enabling Annual Retirement Savings (BEARS)Bonds Enabling Annual Retirement Savings (BEARS)Holders of BEARS receive the face value of bonds underlying call option, which are exercised by CUBS (an acronym for Calls Underwritten by Swanbrook). If the calls are exercised by CUBS, BEARS holders receive the total of the exercise price. Retirement annuity contract (RAC)Retirement annuity contract (RAC)Prior to 30th June1988, people not in pensionable employment (employment where no pension scheme exists) or people who were self employed were able to qualify for tax relief for contributions made to a pension scheme known as a retirement annuity under sections 226 of the Income and Corporation Taxes Act 1970. Although RACs were replaced by personal pension plans from 1st July 1988 those already in force may continue to operate. 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. 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 This money is not subject to income tax for that year or following years as long as it is not withdrawn. The money is taxed as withdrawn upon retirement, usually when the depositor is in a lower tax bracket.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. Retirement Protection Act of 1994Retirement Protection Act of 1994Legislation designed to protect the pension benefits of workers and retirees by increasing required support of pension plans by employers. Further Suggestionsphased retirementRegistered Retirement Savings Plan (RRSP) individual retirement account early retirement Normal retirement normal retirement age Retirement Employee Retirement Income Security Act retirement relief normal retirement date unfunded unapproved retirement benefits scheme Employee Retirement Income Security Act (ERISA) Debt retirement |
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