Keogh Plan

In India, there are so many saving schemes like RD bank account, Kisan Vikas Patre, FD and Atal Pension yojna. Like India, there are lots of saving schemes in USA also. One of them is Keogh plan.

Keoph plan is saving plan for self employed community of USA. This scheme gives the benefits after retirement. This plan had made on the name of USA Representative Eugene James Keoph in 1960 because he had created it.

Under this plan, person has to save monthly. Person can withdraw his money after age of 59 and 6 months. One of good benefit that if you will contribute in it, you will get tax benefit because 25% of total income saving is tax deductible if you will invest in this pension plan. Maximum contribution in this plan is $ 49000 one year.

 Moreover, you can keoph plan can invest in other shares and bonds. It is like Simplified Employee Pension Individual Retirement Arrangement (SEP IRA) in USA. In 2016, now, you can contribute $ 210,000. It is also called HR-10 plans. You do not pay the tax on earning on this plan.

Related Resource : Finance Dictionary


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Accounting Education: Keogh Plan
Keogh Plan
Accounting Education
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