DESCRIPTION
This module delivers a core understanding of the common types of retirement plans for individuals. The module begins with a brief review of the definitions of qualified and non-qualified retirement plans, as well as defined contribution and defined benefit plans. The material focuses on the tax characteristics of 401k and Profit-Sharing Plans, Simple IRA plans, SEP-IRA plans, and Traditional and Roth IRAs. This module is primarily delivered through group exercises that encourage interaction and participation from the class. At the end of the module, there is time devoted to other types of retirement plans.
LEARNING OBJECTIVES
- Define qualified and non-qualified retirement plans, including defined contribution and defined benefit plans.
- Apply the tax rules for contributions to, and distributions from, 401(k) and profit-sharing plans, SIMPLE IRA plans, SEP-IRA plans, and Traditional and Roth IRA plans.
- Explain key provisions of the SECURE 2.0 Act impacting retirement contributions and distributions.
- Differentiate additional retirement plan types and applicable tax credits.
