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Deferred compensation is an arrangement in which a portion of an employee's wage is paid out at a later date after which it was earned. Examples of deferred compensation include pensions, retirement plans, and employee stock options.
A retirement calculator, like this one provided by AARP, ... and IRA let you contribute pretax money and grow your contributions tax-deferred.
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental ...
A 'Retirement annuity plan (RAP) is a type of retirement plan similar to IRA that provides a stream of regular (single) distributions to an insured retiree. Time intervals between distributions as well as their amount are defined by conditions and type of the annuity between issuer organization and client.
Both pensions and withdrawals from tax-deferred annuities are taxed as income in the year you receive the money. These taxes eat into your available funds, reducing the amount you have left to spend.
The 4% rule says to take out 4% of your tax-deferred accounts — like your 401(k) — in your first year of retirement. Then every year after that, you increase your retirement withdrawals by the ...