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Pensions
A pension (; ) is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be either a "defined benefit plan", where defined periodic payments are made in retirement and the sponsor of the scheme (e.g. the employer) must make further payments into the fund if necessary to support these defined retirement payments, or a "defined contribution plan", under which defined amounts are paid in during working life, and the retirement payments are whatever can be afforded from the fund. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and " superannuation" tend to refer to a pension granted upon retirement of the individual; the terminology var ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Pension
According to the International Labour Organization, social security is a human right that aims at reducing and preventing poverty and vulnerability throughout the life cycle of individuals. Social security includes different kinds of benefits (maternity, unemployment, disability, sickness, old age, etc.) A social pension is a stream of payments from the state to an individual that starts when someone retires and continues to be paid until death. This type of pension represents the non-contributory part of the pension system, the other being the contributory pension, as per the most common form of composition of these systems in most developed countries. History The need for a social pension dates back to the Industrial Revolution, when the new economic system boosted the mobility of workers, but loosened ties between family members, whose solidarity was protecting people from personal economic deprivation. This, along with impractical voluntary thrift and insurance, resulted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Contribution Plan
A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee contributions and, if applicable, employer contributions) plus any investment earnings on the money in the account. In defined contribution plans, future benefits fluctuate on the basis of investment earnings. The most common type of defined contribution plan is a savings and thrift plan. Under this type of plan, the employee contributes a predetermined portion of his or her earnings (usually pretax) to an individual account, all or part of which is matched by the employer. In the United States, specifies a defined contribution plan as a "plan which provides for an individual account for each participant and for benefits based solely on the amount contributed to the participant's account, and any income, expense ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Security (United States)
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration (SSA). The Social Security Act was passed in 1935,Social Security Act of 1935 and the existing version of the Act, as amended, 2 USC 7 encompasses several social welfare and social insurance programs. The average monthly Social Security benefit for May 2025 was $1,903. This was raised from $1,783 in 2024. The total cost of the Social Security program for 2022 was $1.244 trillion or about 5.2 percent of U.S. gross domestic product (GDP). In 2025 there have been proposed budget cuts to social security. Social Security is funded primarily through payroll taxes called the Federal Insurance Contributions Act (FICA) or Self Employed Contributions Act (SECA). Wage and salary earnings from covered employment, up to an amount determined by law (see tax rate table), are subject to th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of Veterans Affairs
The United States Department of Veterans Affairs (VA) is a Cabinet-level executive branch department of the federal government charged with providing lifelong healthcare services to eligible military veterans at the 170 VA medical centers and outpatient clinics located throughout the country. Non-healthcare benefits include disability compensation, vocational rehabilitation, education assistance, home loans, and life insurance. The VA also provides burial and memorial benefits to eligible veterans and family members at 135 national cemeteries. While veterans' benefits have been provided by the federal government since the American Revolutionary War, a veteran-specific federal agency was not established until 1930, as the Veterans' Administration. In 1982, its mission was expanded to include caring for civilians and people who were not veterans in case of a national emergency. In 1989, the Veterans' Administration became a cabinet-level Department of Veterans Affairs. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Benefit Pension Plan
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.Lemke and Lins, ''ERISA for Money Managers'', §1:1 (Thomson West, 2013). A defined benefit plan is 'defined' in the sense that the benefit formula is defined and known in advance. Conversely, for a " defined contribution retirement saving plan," the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. In the United States, specifies a defined benefit plan to be any pension p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commission On Veterans' Pensions
The U.S. President’s Commission on Veterans’ Pensions, commonly known as the Bradley Commission after its chairman General Omar N. Bradley, The American Presidency Project was established by on January 14, 1955, and concluded its business after submitting its final report to President in April 1956. Most of the work of the Commission was done by its staff under the direction of the Executive Director, Major General Ernest M. Brannon, and the Technical Adviser, Michael March. The Commission was charged with studying different types of benefits which had been granted to veterans. These included financial benefits such as pension ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Of Longevity
A longevity risk is any potential risk attached to the increasing life expectancy of pensioners and policy holders, which can eventually result in higher pay-out ratios than expected for many pension funds and insurance companies. One important risk to individuals who are spending down savings is that they will live longer than expected, and thus exhaust their savings, dying in poverty or burdening relatives. This is also referred to as "outliving one's savings" or "outliving one's assets". Individuals Individuals often underestimate longevity risk. In the United States, most retirees do not expect to live past 85, but this is in fact the median conditional life expectancy for men at 65 (half of 65-year-old men will live to 85 or older, and more women will). Low interest rates and declining returns exacerbating longevity risk The collapse in returns on government bonds is taking place against the backdrop of a protracted fall in returns for other core assets such as blue ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retirement Plans In The United States
A retirement plan is a financial arrangement designed to replace employment income upon retirement. These plans may be set up by employers, insurance companies, trade unions, the government, or other institutions. United States Congress, Congress has expressed a desire to encourage responsible retirement planning by granting favorable tax treatment to a wide variety of plans. Federal tax aspects of retirement plans in the United States are based on provisions of the Internal Revenue Code and the plans are regulated by the United States Department of Labor, Department of Labor under the provisions of the Employee Retirement Income Security Act (ERISA). Types of retirement plans Retirement plans are classified as either Defined benefit pension plan, defined benefit plans or Defined contribution plan, defined contribution plans, depending on how benefits are determined. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small Self Administered Scheme
Small Self Administered Scheme (SSAS) is a type of UK Occupational Pension Scheme. Schemes are trust-based and established individually, usually by directors of limited companies for specified employees of the company. Since Pension Simplification (also known as A-Day), SSAS has been available for establishment by those who are not in a limited company (i.e. Partnerships and Families). Tax relief SSAS registered with HMRC may enjoy tax-exempt status, all investments made will be free of Capital Gains Tax, and contributions to the SSAS will receive tax-relief (if contributions are made by a "Relevant UK Individual"). Basic rate tax relief can be claimed by the SSAS itself, and any higher rate tax would be claimed through the member's tax return. However, the vast majority of SSAS do not reclaim tax on members contributions as this would require the scheme Trustee / Administrator applying for Relief at Source via HMRC. The sponsoring employer can also pay contributions to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retirement
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job for health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their positions. In most countries, the idea of retirement is of recent origin, being introduced during the late-nineteenth and early-twentieth centuries. Previously, low life expectancy, lack of social security and the absence of pension arrangements meant that most workers continued to work until their death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retirement in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and most of List of islands of the United Kingdom, the smaller islands within the British Isles, covering . Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. It maintains sovereignty over the British Overseas Territories, which are located across various oceans and seas globally. The UK had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the UK is London. The cities o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
