Keogh Plan (Noun)
Meaning
A tax-deferred pension plan for employees of unincorporated businesses or for self-employed persons.
Classification
Nouns denoting cognitive processes and contents.
Examples
- Many self-employed individuals opt for a Keogh plan due to its high contribution limits and tax benefits.
- As an unincorporated business owner, she invested in a Keogh plan to secure her retirement.
- His accountant helped him set up a Keogh plan to save for retirement while reducing his taxable income.
- The Keogh plan was introduced to provide self-employed individuals with a retirement savings solution.
- Self-employed professionals often prefer Keogh plans over other retirement options due to their flexibility and potential for greater savings.