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What are three characteristics of post-formal thinkers?
Deductible IRA Contribution
A Deductible IRA Contribution refers to the funds an individual can contribute to a traditional IRA account which can then be deducted from their taxable income for that year, subject to certain IRS guidelines and income limits.
Pension Plan
A retirement plan offered by an employer which provides a fixed payout upon retirement, often based on salary and years of service.
401(k) Plan
A retirement savings plan sponsored by an employer allowing employees to save and invest a portion of their paycheck before taxes are taken out.
Maximum Contribution
The highest amount that can be contributed to a financial account or plan, such as a retirement account, in a given period, often with tax implications.
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