The Federal Insurance Contributions Act (FICA) is a U.S. federal payroll tax imposed on both employees and employers to fund Social Security and Medicare. Established by the Social Security Act of 1935, FICA contributes to long-term financial support for American retirees and other beneficiaries.
A Guaranteed Income Contract is a financial instrument commonly used in the investment and insurance industries to provide a stable, guaranteed stream of income over a specified period of time.
A fund set up by a corporation, labor union, governmental entity, or other organization to pay the pension benefits of retired workers. Pension funds invest billions of dollars annually in the stock and bond markets, playing a significant role in the financial markets. Earnings on the investment portfolios of pension funds are tax-exempt.
Retirement involves withdrawing, leaving, or departing from a particular activity or situation, often referring to the conclusion of one's career.
Retirement is the act of leaving active employment permanently, with income for the remaining years of life typically coming from sources such as Social Security, pensions, and personal savings.
The separation of service refers to the action of an employee severing their connection with an employer, which may occur through resignation, termination, retirement, or layoff.
