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Home Dictionary T The Greatest Generation The greatest generation usually refers to those Americans who were born between the 1900s and 1920s. All members of the “Greatest Generation” survived the Great Depression, and many of them fought in World War II. Members of the Greatest Generation also tend to be the parents of the Baby Boomer generation. 401(a) Plan
September 25, 2022 The 401(a) plan is employer-sponsored and both employer and employee can contribute. 401(k) Plan
September 25, 2022 A 401(k) plan is a company-sponsored retirement account that employees can contribute income to and employers can contribute to. 403(b) Plan
September 25, 2022 403(b)s are retirement savings plans that serve employees of public schools and tax-exempt organizations. 408(k) Plan
September 25, 2022 A 408(k) is an employer-sponsored pension plan similar to a 401(k). 412(i) Plan
September 25, 2022 The 412(i) plan was a defined benefit plan designed for small business owners in the United States. 457 Plan
September 25, 2022 Plan 457 is an IRS-sanctioned retirement plan for employees with tax benefits. AARP
September 25, 2022 AARP is a non-profit, non-partisan organization that empowers retirees to choose how they live in old age. Accumulation Phase
September 25, 2022 The accumulation phase refers to the period of a person’s life during which he saves money for retirement. After-Tax Contribution
September 25, 2022 After-tax contributions can be made to the Roth account. Annuitant
September 25, 2022 An annuitant is an investor or beneficiary of a pension plan who is entitled to regular pension payments or annuity investments. Annuitization
September 25, 2022 Annuitization is the process of converting an annuity investment into a series of periodic income payments. Annuity
September 25, 2022 Annuities are financial products that offer a guaranteed income stream, typically for retirees. Annuity Due
September 25, 2022 An annuity payment is an annuity that must be paid immediately at the beginning of each period. Annuity Table
September 25, 2022 An annuity table is a tool used to determine the current value of an annuity. Baby Boomer
September 25, 2022 “Baby Boomer” refers to the demographically large generation born between the end of World War II and the mid-1960s. Chartered Retirement Planning Counselor (CRPC)
September 25, 2022 A Certified Retirement Planning Consultant is a person who has the status of a professional financial planner awarded by the College of Financial Planning. Cost-of-Living Adjustment (COLA)
September 25, 2022 Cost of Living Adjustment (COLA) is an increase in Social Security benefits to counteract inflation. Deferred Annuity
September 25, 2022 A deferred annuity is an insurance contract that promises to pay the buyer a regular income or a lump sum of money some day in the future. In contrast, immediate annuities start paying immediately. Deferred Compensation
September 25, 2022 Deferred compensation plans are an incentive that employers use to keep key employees. Deferred Profit Sharing Plan (DPSP)
September 25, 2022 The Deferred Profit Sharing Plan (DPSP) is an employer-sponsored Canadian profit sharing plan used for employee retirement savings. Defined-Benefit Plan
September 25, 2022 A defined benefit plan is an employer-based program that pays benefits based on factors such as years of service and salary history. Defined-Contribution Plan
September 25, 2022 Defined contribution (DC) pension plans allow employees to invest pre-tax dollars in capital markets where they can grow with tax deferral until retirement. Distribution In Kind
September 25, 2022 In-kind distributions are payments made in an alternative format, such as property or shares, rather than cash. Education IRA
September 25, 2022 An Education IRA is a tax-favored savings account used to pay for children’s education expenses. Elective-Deferral Contribution
September 25, 2022 An elective deferral is a portion of an employee’s salary that is withheld and transferred to a retirement plan such as a 401(k).