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February 18, 2009

Boomerang generation or boomerangers

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Definition

Term used to refer to children who return home to live with their parents, usually as a temporary measure to allow them to continue their education , increase their savings  or simply because they are not ready (financially or otherwise) to live on their own.

Referring Cite

N/A (Sl)

Additional Helpful Information

From a retirement planning perspective, boomerangers  have a negative impact on their parents’ retirement nest egg, as amounts that could be diverted to their nest-egg have to be used to provide necessities for the boomerangers.

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Saver’s Credit

Definition Also known as the Saver’s Tax Credit: Nonrefundable tax credit available to eligible individuals who make contributions to their retirement account. The saver’s credit

Catch-up Contribution

Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the

Salary Deferral Contribution

Definition A contribution made pursuant to a participant’s election to have a portion of his/her salary/wages  contributed to his/ her employer sponsored plan  rather than

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