There are two types of tax deferred retirement plans: qualified and non-qualified. Qualified plans that can accumulate tax deferred like 401(k)s, 403(b)s, 412(e)s are under ERISA, The Employee Retirement Income Security Act of 1974. Non-qualified retirement plans that use life insurance and annuities accumulate tax deferred as well.
A tax deferred Retirement Plan is a plan that allow the grow to accumulate tax free while it is inside the plan and taxed when it is withdrawn. This tax deferred growth provides a significant advantage over plans that are taxed each year. Why? Because you get the full effect of compound interest.
In Canada, a Registered Retirement Savings Plan RRSP) not only offers tax deferred growth, it also offers (subject to limits) tax deductibility of contributions.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
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There are two types of tax deferred retirement plans: qualified and non-qualified. Qualified plans that can accumulate tax deferred like 401(k)s, 403(b)s, 412(e)s are under ERISA, The Employee Retirement Income Security Act of 1974. Non-qualified retirement plans that use life insurance and annuities accumulate tax deferred as well.
In Canada, a Registered Retirement Savings Plan RRSP) not only offers tax deferred growth, it also offers (subject to limits) tax deductibility of contributions.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.