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As retirement approaches and the focus shifts from how to save for retirement to how to use retirement money to pay living expenses, it is wise to put some numbers on paper and develop a spending plan. We all have an idea of the standard of living we would like to maintain during our golden years, but that must be tempered by a... more »
The acronym SIPP stands for Self-Invested Personal Pension Plan. Sales of SIPPs have rocketed to almost £3.5 billion since they were introduced. Follow these steps to learn their benefits and tax implications. more »
A Self-Invested Personal Pension (SIPP) is one of two types of personal pension scheme that are available in the UK. With a SIPP, you have some power to choose and change how contributions are invested. more »
Power of attorney means the authorization by one person, the principal, for another person (the agent, or attorney-in-fact) to act in their place. Limited powers of attorney are used to give someone with specific expertise the ability to act with regard to particular matters. A general power of attorney, on the other hand, gives... more »
Throughout its more than 70-year history, Social Security has provided retirement and disability protection to millions of retired and disabled workers. Along the way, it has accumulated amendments, extra programs and definitions that make it one of the most confusing governmental organizations with which most citizens have to cope.... more »
Pension plans offer employees a degree of financial security after they retire. The amount an...
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There are several states in the country that do not tax federal pensions. This is good news for retirees looking to relocate. For the most part,... more »
After employees retire, they often live on a fixed income, which comes largely from a pension plan. Pensions are calculated on an employee's... more »
With the cost of living ever increasing, people have a hard time building long term wealth. At times it seems like the only asset you have is your... more »
Aid and Attendance is one part of a 3-tier pension program offered by the United States Department of Veterans Affairs. Those eligible to receive... more »
Accounting for defined benefits and pension plans is one of the most challenging but critical areas of accounting. A company's pension liabilities... more »
In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employmentPrinceton WordNet, http://wordnetweb.princeton.edu/perl/webwn?spension, viewed 24 December, 2008. 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 Princeton WordNet, http://wordnetweb.princeton.edu/perl/webwn?ssuperannuation, viewed 24 December, 2008. 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 Trinidad and Tobago Police Service. Retirement pensions are typically in the form of a guaranteed annuity.
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 insurance aspect, since they often will pay benefits to survivors or disabled beneficiaries, while annuity income insures against the risk of longevity. 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.
Types o read more at » http://en.wikipedia.org/wiki/Pension
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