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Retirement Plan Questions

What is a retirement plan?

A type of savings or investment plan that will provide income when a person retires is called a retirement plan. These types of plans are generally started by companies or a government agency for employees. Retirement plans often cause a lot of confusion to some individuals who are unaware of these laws. Read below to find Expert answers pertaining to retirement plans.

If a person owns a retirement plan through a company, where would the retirement be paid to if they are losing money?

When the retirement or pension was set up in the US The United States Pension Guaranty Corporation was brought to life to be a type of security for businesses that are having issues to be able to still pay the retirement plan. In a lot of case, this will not guarantee the person’s full benefits or medical, but it will at least pay partial.

If a person has an old 30 year profit sharing retirement plan that has had no activity for 20 or more years, how would a person find out how to liquidate the plan?

If the person is getting quarterly statements regarding the account from the company, then the person can contact the company and find out the information on the account. The company will either arrange the information for the person or tell the person where they need to go to find out the details of the retirement plan. The person would be able to also contact the Pension Benefit Corp, which is a Federal entity that has been established to help people with these retirement plan matters.

If a person has a Variable Annuity Life Insurance Company (VALIC) Retirement plan, should they go to an outside source for the retirement plan or stay with VALIC themselves?

The name VALIC stands for The Variable Annuity Life Insurance Company and as a type of finical company generally they would offer several types of investment options. When a person is considering what company they want to go through for a retirement plan, then they would need to consider if they would be willing to take the risk of changing companies, if they are going to manage the investment their selves or hire a finical advisor, if they are going to leave the job that has the retirement plan, or does the retirement plan offer several investment options for the person to consider? In most cases, it generally does not matter what company the person chooses to go through, but what matters is what company or person will be the finical advisor on the retirement plan.

Are reimbursement retirement plan, from a 403b retirement plan subject to self employment tax?

In most cases, a 403B plan is a type of tax deferred retirement plan that is generally available to employees of a type of educational institution and some non-profit organizations. Contributions and potential investment earnings are generally considered pre-tax until the person makes a withdrawal, which generally happens at retirement age. Any money taken out of this type of plan is subject to 10% tax as a distribution penalty if the owner of the retirement plan is under the age of 59.

Retirement plans help people build a finical future when they decide to retire. When a person is consider setting up a retirement plan or they have one through the company they work for, then they may run into questions regarding what type of retirement account they should have or what company they should go through, or they may have concerns on which retirement plans are safe. When these concerns come up, then the person would need to consult an Expert regarding retirement plans.

Ask a Financial Professional

Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: General
Satisfied Customers: 2163
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
Type Your Finance Question Here...
characters left:
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    Ask follow up questions if you need to.
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Financial Professionals are online & ready to help you now

Rakhi Vasavada
Financial and Legal Consultant
Satisfied Customers: 2073
Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Manal Elkhoshkhany
Tutor
Satisfied Customers: 1890
More than 5000 online tutoring sessions.
Megan C
Certified Public Accountant (CPA)
Satisfied Customers: 1755
Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level

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