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In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. It is a tax deferred savings vehicle that allows for the tax-free accumulation of a fund for later use as a retirement income. Pensions should not be confused with severance packages; the former is paid in regular installments, while the latter is paid in one lump sum. The terms retirement plan or superannuation refer to a pension granted upon retirement. Retirement plans may be set up by employers, insurance companies, the government or other institutions such as employer associations or trade unions. Called retirement plans in the USA, they are more commonly known as pension schemes in the UK and Ireland and superannuation plans in Australia and New Zealand. Retirement pensions are typically in the form of a guaranteed life annuity, thus insuring against the risk of longevity. A pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Labor unions, the government, or other organizations may also fund pensions. Occupational pensions are a form of deferred compensation, usually advantageous to employee and employer for tax reasons. Many pensions also contain an additional insurance aspect, since they often will pay benefits to survivors or disabled beneficiaries. Other vehicles (certain lottery payouts, for example, or an annuity) may provide a similar stream of payments. The common use of the term pension is to describe the payments a person receives upon retirement, usually under pre-determined legal and/or contractual terms. A recipient of a retirement pension is known as a pensioner or retiree. From Wikipedia under the
GNU Free Documentation License Can you explain to me the different kinds of retirement plans? Q. In a simple way, can you tell me the different options for retirement plans and possibly the pros and cons of them? Asked by Cobra Kai Johnny Lawrence - Tue Jan 26 20:42:09 2010 - - 3 Answers - 0 Comments A. The two most common retirement accounts today are 401(k) plans and Individual Retirement Accounts (IRAs). A 403(b) plan is very similar to a 401(k), but is usually offered to employees who work for educational institutions. The two most common types of IRAs are traditional and Roth IRAs. You usually fund traditional IRAs from pre-tax dollars, meaning you can deduct your contributions. However, if you're already covered by some kind of retirement plan at your place of employment, you may earn too much to have a deductible IRA. In that case, you can contribute to a non-deductible IRA. Your earnings will accumulate on a tax-deferred basis. Another option is the Roth IRA, which is always funded with post-tax dollars. This means you… [cont.] Answered by doreen k - Tue Jan 26 22:24:00 2010 I need data on the benefits of offering employee health insurance & retirement plans? Q. If anyone has a link to a website with statistics or fact about how businesses benefit from offering their employees heath insurance and retirement plans please let me know. Basically, if I were trying to convince a business owner to offer health insurance and retirement plans to his/her employees, are their any stats or facts that show how it will benefit the company? Asked by fobe - Sun Mar 25 17:52:11 2007 - - 3 Answers - 0 Comments A. I don't know anyone who's corrolated this. Business owners know what they need to offer in order to attract employees. It's a supply and demand situation. If it's an unskilled labor position, you don't NEED to offer any kind of health insurance or retirement benefits. If you turn your employees over every six months, you don't WANT to, due to the excessive costs and hassles complying with Cobra. If you're target marketing employers who don't currently have any of these in place, well, you're wasting your time. Your targets are going to need to be employers who NEED the plans, who are unsatisfied with current rates/service, and want to compare YOUR product to theirs. So you'd better know your product inside out - AND your main… [cont.] Answered by mbrcatz - Sun Mar 25 19:00:21 2007 Will we all be working from home soon, with our own benefits and retirement plans?
Q. Is healthcare so outrageous that company owners can't afford to pay for their employees' benefits? Are retirement funds running so low that we should save this money ourselves? And will we ever see any social security? Asked by VeggieTale - Tue Apr 3 01:14:33 2007 - - 1 Answers - 0 Comments A. Several questions, let us answer them one at a time. 1) Will we all be working from home soon? No, there will always be a need to employ people. 2) Private benefits and retirement plans? Company sponsored pensions plans are being replaced by IRAs & 401K & alike, so yes, we are going to a private retirement system. Health benefits while working is likely to continue but employees will pick up more and more of the cost. 3) Are retirement funds running low? Many defined benefit plans are in trouble but there are some doing OK (for now). 4) Will we ever see any social security? Yes, as people get older and retire they vote in every election. The money will come from taxes on those still working. Answered by Auntie Mame - Tue Apr 3 06:41:56 2007 From Yahoo Answer Search: "Retirement plans"
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