You may not be able to make non-recurring withdrawals of various amounts from a Cash Balance plan. After you retire, you’ll typically have two options: a fixed monthly payment for the rest of your life, or a lump-sum payment.
Cash balance plans generally do not allow random, non-recurring withdrawals because the individual account was always a hypothetical account. The administrative work of fetching various sums for everyone and keeping up with the total pool of plan assets is not the administrator’s prerogative with these plans.
They will either cut you a check and send you on your merry way, or begin lifetime income payments when and if you elect that option. It’s important to understand which choice is best for you, which isn’t always easy. Consult with a professional before making such a big decision.
As a general rule, it is wise to have Life Insurance when you are a main source of income for your family
There is a wide variety of investments available for every kind of investor: Stocks, bonds, Mutual Funds, ETFs, and so on
Money market securities are essentially IOUs issued by governments, financial institutions and large corporations
Economies of Scale is a concept that the efficiency of production rises as the quantity of goods produced increases
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Capital Accumulation is the act of acquiring more assets which will generate more profits or other benefits to the Co.
The Foreign Exchange is abbreviated Forex, and it refers to the global network of 24/7 currency trading
In Canada, the dividend tax credit eliminates tax liability for eligible dividends. Eligible dividends can come from...
A home mortgage is a long-term loan for the purchase of a home, secured by the value of the home itself
Publication 502 is a source of information regarding deductions stemming from medical and dental expenses and insurance