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Glossary

Click on the term below to get the definition.

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What is a 401(k)?

A 401(k) is a employer-sponsored, tax-advantaged retirement plan funded with payroll deductions and in some cases contributions by the employer. The employee is responsible for choosing how to invest money in the plan and therefore assume most of...

What is a 403(b)?

The 403(b) is similar to the 401(k), but it is typically offered to employees of educational institutions and non-profit organziations. 403(b)s most often take the form of annuity contracts or mutual fund custodial accounts and are also known as...

What is a 529 Savings Plan?

A 529 Savings Plan is a college savings plan where money can be invested to grow on a tax-deferred basis and withdrawn free from federal and potentially state taxes if used for "qualified" higher education expenses, including tuition, room &...

What is Adjusted Gross Income (AGI)?

Adjusted gross income (AGI) is a calculation to determine your taxable income after allowable deductions, such as unreimbursed business expenses, medical expenses, alimony and deductible retirement plan contributions. It not only determines your...

What is Annual Percentage Rate (APR)?

Annual percetage rate (APR) is what you pay for borrowing, expressed as a single percentage that represents the actual yearly cost over the term of a loan. This includes any fees or additional costs associated with the transaction.   Ask an...

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