Ch 14. Assignment- Planning for Retirement Term Answer Description Keogh plan AAt age 70 1/2, you must start, except if have a Keogh account and are gainfully employed or you have a Roth IRA Introduced in 1962, this plan allows self-employed individuals to set up tax-deferred retirement plans or accounts for themselves and their employees SEP plan B. Individual retirement C. With no special record-keeping requirements or forms to file, an arrangement IRA can be an excellent vehicle for sheltering income from taxes Traditional IRA D. With this type of account, earmings accrue tax free and are not subject to tax until they are withdrawn (after the individual reaches age 59 1/2). Nondeductible IRA E Couples filing jointly with adjusted gross incomes of up to 193,000 ($131,000 for single filers) can open this type of account, without regard to participation in an employer retirement program F. For small-business owners, particularly those with no employees Roth IRA Self-directed retirement plan withdrawal this plan is simple and easy to administer An individual, who decides which investments to buy and sell, designs this retirement plan G. H If you change jobs, arrange for your IRA funds to transfer from one firm to another Couples filing jointly (even when participating in a retirement plan Rollover at their places of work) can open this type of account as long as their adjusted gross income is less than $98,000 ($61,000 for single taxpayers A possible investment decision It requires that a form be completed designating it as this type of account and makes the institution its trustee Ch 14. Assignment- Planning for Retirement Term Answer Description Keogh plan AAt age 70 1/2, you must start, except if have a Keogh account and are gainfully employed or you have a Roth IRA Introduced in 1962, this plan allows self-employed individuals to set up tax-deferred retirement plans or accounts for themselves and their employees SEP plan B. Individual retirement C. With no special record-keeping requirements or forms to file, an arrangement IRA can be an excellent vehicle for sheltering income from taxes Traditional IRA D. With this type of account, earmings accrue tax free and are not subject to tax until they are withdrawn (after the individual reaches age 59 1/2). Nondeductible IRA E Couples filing jointly with adjusted gross incomes of up to 193,000 ($131,000 for single filers) can open this type of account, without regard to participation in an employer retirement program F. For small-business owners, particularly those with no employees Roth IRA Self-directed retirement plan withdrawal this plan is simple and easy to administer An individual, who decides which investments to buy and sell, designs this retirement plan G. H If you change jobs, arrange for your IRA funds to transfer from one firm to another Couples filing jointly (even when participating in a retirement plan Rollover at their places of work) can open this type of account as long as their adjusted gross income is less than $98,000 ($61,000 for single taxpayers A possible investment decision It requires that a form be completed designating it as this type of account and makes the institution its trustee
