There are many qualified retirement plans, but the most recognizable is the defined contribution plan under ERISA (Employee Retirement Income Security Act 1974) called a 401(k). 410(k) allows tax deductible contributions and tax deferred accumulations. The distributions are taxed as ordinary income and are used as a calculation for Social Security benefit taxation.
A Qualified Retirement Plan simply means it is a "qualified" account as defined by the Internal Revenue Service. A qualified account simply means there are limitations to the contributions and rules to when you can take the monies out without getting a penalty. A Qualified Retirement Plan can be an IRA, Individual Retirement Account or a 401(k) offered through your employer. A Roth IRA is a Qualified Retirement Plan. There are other qualified plans out there as well however the plans I have mentioned are the most popular.
Seek your broker/adviser for more information and to talk about which plan you should focus on or have available to you.
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Seek your broker/adviser for more information and to talk about which plan you should focus on or have available to you.