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May 12, 2009

Retirement Account (or Retirement Savings Account)



An account that is established for the purpose of saving for retirement.

Retirement accounts can include features such as:
  • Tax-deferred growth on earnings
  • Tax-free growth on earnings
  • And earnings that are taxed for the year in which the earnings are accrued- commonly referred to as after-tax accounts.
Referring Cites
IRC § 408(a), IRC § 408A, IRC § 401(a), IRC § 403(a), IRC § 403(b), IRC § 457(b)
Additional Helpful Information
Tax-deferred retirement savings include:
Tax-free retirement savings accounts include:
After-tax accounts include regular savings accounts

Keep Learning

Applicable RMD Age

Applicable RMD Age The first year for which an IRA owner or plan participant must begin to take RMDs from their tax-deferred retirement account. RMDs

SIMPLE 401(k) Plan

Definition A SIMPLE 401(k) plan is a 401(k) plan established by a small business for it’s employees. Earnings accrue on a tax-deferred basis and distributions

Required Minimum Distribution (RMD)

Definition The minimum amount that must be withdrawn from retirement accounts, including qualified plans, 403(b) accounts, 457(b) accounts or IRAs, each year.  For retirement account

Required beginning date (RBD)

Definition The date by which a retirement account owner must begin distributing required minimum distribution (RMD) amounts from a Traditional,  SEP or SIMPLE IRA, a

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IRA Rules