Retirement


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What Is a Superannuation?
Answer:
Superannuation is a retirement plan in Australia. Under this law, employers are required to put an additional amount of money based on the employee’s salary (9% currently), which can be accessed by the employee when they meet certain conditions which are laid out in Schedule 1 of the Superannuation Industry Supervision Regulations of 1994.
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What Is A 401(K)?
Answer:
A traditional  401(K)  is a retirement or pension plan that a company provides for its employees.  Plans are either Defined Benefit (DB) or Defined Contribution (DC). 

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What is an IRA?
Answer:
An Individual Retirement Account, or IRA, is a financial instrument people use to save their money for their retirement in a tax-saving way.  There are different types of IRAs, including Roth IRAs, SEP IRAs, traditional IRAs, and Self-Directed IRAs.  Contributions to IRAs are usually tax deductible, and in a traditional IRA, IRA funds used by retired persons is taxed like income.

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What is the Employee Retirement Income Security Act or ERISA?
Answer:
The Employee Retirement Income Security Act (ERISA) is a federal law which sets standards for voluntary pension plans and health plans in private industry. ERISA was established to protect the interest of individuals participating in these plans.
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What is a Traditional IRA?
Answer:
A Traditional IRA (Individual Retirement Account) allows you to deposit funds (a portion of your earnings) that will grow tax-deferred. You don’t pay income taxes on the earnings or contributions until you begin withdrawing the funds, usually after your retire. Funds withdrawn are subject to federal income tax.
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