What Is a Keogh Plan? Rules, Limits & 2026 Alternatives
Warren Team
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Key terms
- Business PlanA formal written document that outlines a company's goals, strategies, target market, financial projections, and operational plans. A well-crafted business plan serves as a roadmap for the business and is often required when seeking financing from banks, investors, or venture capitalists. It typically includes sections on the executive summary, market analysis, organizational structure, product or service offerings, marketing strategy, and financial forecasts.
- 529 PlanA tax-advantaged savings plan designed to help families save for future education expenses, sponsored by states, state agencies, or educational institutions. Contributions grow tax-free, and withdrawals are also tax-free when used for qualified education expenses like tuition, books, and room and board. Many states also offer a state income tax deduction or credit for contributions to their 529 plan.
- Prepaid Tuition PlanA type of 529 plan that allows you to purchase credits at participating colleges and universities at today's prices, effectively locking in the cost of tuition against future increases. These plans are typically sponsored by state governments and may be limited to in-state public institutions. Prepaid tuition plans provide peace of mind against tuition inflation but may offer less flexibility than 529 savings plans if your child attends a different school.
- 403(b) PlanA tax-advantaged retirement plan for employees of public schools, nonprofits, and certain religious organizations. Similar to a 401(k) but with different employer eligibility rules. Contributions are made pre-tax and grow tax-deferred until withdrawal.
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