Why Is Law Important

question 156

Short Answer

Why is law important?

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Definitions:

Beneficiaries

Individuals or entities entitled to receive benefits or proceeds from an insurance policy, will, or trust.

Roth IRA

Deposits are taxable, but when the money is withdrawn after having been there for at least 5 years and the saver is at least 59 1/2 years old, the money and the income earned is tax-exempt, or free from all taxes.

Tax-Deferred

Taxes are paid at the time the money is withdrawn from the account, not when the money is actually earned.

Social Security Benefits

Payments made to eligible individuals (retirees, disabled workers, and their families) from the Social Security program, funded by Social Security taxes.