10.1-10.3 Vocab

Front

Type of retirement plan providing compensation post-retirement.

Back

pensions

Front

A point in life when one stops working.

Back

retirement

Front

Partially retired status.

Back

semi-retired

Front

Years an employee must participate in a plan to gain investment rights.

Back

vested

Front

Employee pension benefit calculated using average salary before retirement.

Back

Defined benefit plan

Front

Benefit based on lifetime earnings.

Back

Social Security Benefit

Front

Based on total wages and self-employment income during the year.

Back

Social Security Credit

Front

Covers Social Security and Medicare taxes

Back

FICA

Front

Record of annual earnings and credits.

Back

social security statement

Front

Deposit to a retirement account from wages before tax deductions.

Back

pre-tax dollars