401(k), IRA, pension plans, retirement strategies, Social Security, and retirement income planning.
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Foundation terms you need to know first (10 terms)
Early retirement is the goal of achieving financial independence, allowing an individual to stop working for income before the traditional retirement age, often supported by passive income streams like those from real estate investments.
An Individual Retirement Account (IRA) is a tax-advantaged savings plan designed to help individuals save for retirement, offering benefits like tax-deferred growth or tax-free withdrawals.
Wealth accumulation is the process of increasing one's net worth over time through consistent saving, strategic investing, and growing assets, often with a focus on achieving long-term financial security and freedom.
Financial planning is the comprehensive process of managing your money to achieve personal and investment goals, involving budgeting, saving, investing, and risk management.
A retirement portfolio is a collection of investments specifically designed to generate income and growth to support an individual financially during their retirement years.
Complex strategies and professional concepts (4 terms)
A Self-Directed IRA (SDIRA) is a specialized retirement account allowing investors to hold alternative assets like real estate, private equity, and precious metals, offering enhanced control but requiring strict adherence to complex IRS regulations to avoid prohibited transactions and Unrelated Business Income Tax (UBIT).
Indexed Universal Life (IUL) is a type of permanent life insurance that offers a death benefit and a cash value component, where the cash value growth is linked to the performance of a market index, such as the S&P 500, typically with a floor and a cap on returns.
The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to protect individuals in these plans.
A specialized retirement investment structure where a Self-Directed IRA owns an LLC, granting the account holder "checkbook control" to directly invest in alternative assets like real estate, while maintaining tax-advantaged growth.
A 401(k) plan is an employer-sponsored retirement savings account that allows employees to contribute a portion of their salary on a tax-advantaged basis, often with employer matching contributions, to invest for their future.
Annuity is a financial contract from an insurance company providing a fixed or variable income stream over time, often used for retirement planning or structured settlements.
Early retirement is the goal of achieving financial independence, allowing an individual to stop working for income before the traditional retirement age, often supported by passive income streams like those from real estate investments.
Financial planning is the comprehensive process of managing your money to achieve personal and investment goals, involving budgeting, saving, investing, and risk management.
An Individual Retirement Account (IRA) is a tax-advantaged savings plan designed to help individuals save for retirement, offering benefits like tax-deferred growth or tax-free withdrawals.
A mutual fund is a type of investment vehicle that pools money from many investors to invest in a diversified portfolio of stocks, bonds, or other securities, managed by a professional fund manager.
Retirement income refers to the money an individual receives to cover living expenses after they have stopped working full-time, ensuring financial security in their later years.
A retirement portfolio is a collection of investments specifically designed to generate income and growth to support an individual financially during their retirement years.
Term life insurance provides coverage for a specific period, or 'term,' and pays a death benefit to your beneficiaries if you pass away during that time, offering financial protection without a cash value component.
Wealth accumulation is the process of increasing one's net worth over time through consistent saving, strategic investing, and growing assets, often with a focus on achieving long-term financial security and freedom.
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