Module IX·Article II·~1 min read
Retirement Accounts
Financial Planning
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Retirement Accounts
Retirement accounts
401(k) — American employer-sponsored retirement account (tax advantages)
IRA (Individual Retirement Account) — American individual retirement account (traditional or Roth)
Roth IRA — an IRA where taxes are paid now, but future earnings are not taxed
Defined benefit plan — pension by formula (salary × years × percentage)
Defined contribution plan — pension based on contributions (what you save = what you get)
Annuity — contract with an insurance company: you give them money, they pay until death
Pension buyout — lump-sum payment instead of a pension
Required minimum distributions (RMD) — mandatory withdrawals from retirement accounts after age 72 (USA)
SIPP (Self-Invested Personal Pension) — British retirement account with self-management
ISA (Individual Savings Account) — British tax-advantaged savings account
§ Act · what next