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March 27, 2012

Most Americans Not Using IRAs

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“March 26, 2012 — Only 22% of Americans say they are saving for retirement by contributing to an individual retirement account (IRA), according to a survey released by TIAA-CREF. —

The research, which polled 1,007 adults age s 18 years and older nationwide, found only about four in 10 (38% ) Americans who own an IRA are contributing up to the annual limit, and 55% are investing less than the maximum allowed amount each year. Seventy-six percent of those polled say they are not currently contributing to an IRA” Read more here

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Definition The minimum amount that must be withdrawn from retirement accounts, including qualified plans, 403(b) accounts, 457(b) accounts or IRAs, each year.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

Designated Beneficiary

Definition A designated beneficiary is an individual (person) beneficiary whose is designated as beneficiary of  a qualified plan account, 403(b) account, 457(b) plan or IRA,

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