KEOGH Meaning and
Definition
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Keogh, also known as a Keogh plan, refers to a tax-deferred retirement savings plan available to self-employed individuals or unincorporated businesses. Named after the late US Congressman Eugene James Keogh, this type of retirement account was established under the Self-Employed Individuals Tax Retirement Act of 1962.
A Keogh plan allows self-employed individuals to contribute a portion of their earned income into a tax-advantaged account for retirement. This plan is designed to provide a retirement savings option to individuals who run their own businesses, such as sole proprietors, partners in a partnership, or freelancers.
There are two types of Keogh plans: defined contribution plans and defined benefit plans. In a defined contribution Keogh plan, individuals contribute a specific amount or percentage of their income each year, and the amount they accumulate depends on the investment performance of the plan. On the other hand, defined benefit Keogh plans guarantee a specific retirement benefit based on factors like income, age, and years of service. Contributions made to a Keogh plan are tax-deductible, and earnings on investments within the plan grow tax-deferred until withdrawals are made during retirement. Withdrawals made from a Keogh plan are generally subject to income tax.
Overall, a Keogh plan offers self-employed individuals a tax-efficient method to save for retirement, providing them with an opportunity to build financial security while running their own business ventures.
Common Misspellings for KEOGH
Etymology of KEOGH
The surname "Keogh" is of Irish origin. It is derived from the Irish Gaelic name "Mac Eochaidh", which means "son of Eochaidh". Eochaidh is an ancient Irish personal name, derived from the Old Irish "eo" meaning "horse" and "cú" meaning "hound". As a result, "Mac Eochaidh" can be translated as "son of the horseman" or "son of the hound". Over time, the name has evolved into different spellings, including Keogh, Keough, McCoy, and MacKeogh, among others.
Similar spelling words for KEOGH
- keg,
- Keech,
- Keiko,
- keough,
- Kesha,
- key,
- kekchi,
- kechua,
- Keesha,
- keach,
- Keshia,
- Keisha.
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