keogh plan (Meaning)
Wordnet
keogh plan (n)
a tax-deferred pension plan for employees of unincorporated businesses or for self-employed persons
Synonyms & Antonyms of keogh plan
No Synonyms and anytonyms found
keogh plan Sentence Examples
- A Keogh plan is a retirement savings plan available to self-employed individuals and their employees.
- Keogh plans offer tax advantages, such as the ability to deduct contributions from your business income.
- Contributions to a Keogh plan are made pre-tax, which reduces your current taxable income.
- Earnings in a Keogh plan grow tax-deferred, meaning you do not pay taxes on them until you withdraw the money in retirement.
- There are two main types of Keogh plans: profit-sharing plans and money purchase plans.
- Profit-sharing plans allow you to contribute a percentage of your business profits to the plan each year.
- Money purchase plans require you to contribute a fixed amount of money to the plan each year, regardless of your business profits.
- The maximum amount you can contribute to a Keogh plan each year is limited by the IRS.
- Keogh plans can be a great way to save for retirement if you are self-employed or own a small business.
- It is important to consult with a financial advisor to determine if a Keogh plan is right for you.
FAQs About the word keogh plan
a tax-deferred pension plan for employees of unincorporated businesses or for self-employed persons
No synonyms found.
No antonyms found.
A Keogh plan is a retirement savings plan available to self-employed individuals and their employees.
Keogh plans offer tax advantages, such as the ability to deduct contributions from your business income.
Contributions to a Keogh plan are made pre-tax, which reduces your current taxable income.
Earnings in a Keogh plan grow tax-deferred, meaning you do not pay taxes on them until you withdraw the money in retirement.
