IRA - An IRA stands for Individual Retirement Account which is contributed into with earned income. IRA's come in many variations but standardly Traditional or Roth options. A Traditional IRA takes "pre-tax" monies aka tax-deductible contributions and connects them to investment options. The goal is that these investment options will help grow the account value. A Roth IRA functions basically the same way except with non-tax-deductible monies. However, all distributions are taken income-tax free. SEP and SIMPLE IRA's fall under qualified retirement plans, typically through one's employer. These variations offer lighter contribution limits than Traditional and Roth options.

Annuity - While a life insurance policy protects your assets if you die too early, an annuity protects your assets if you live too long! An annuity, which comes in a slew of different variations, basically connects pooled money to investment options with the goal of growing this pool. Upon annuitization, the annuitant, typically the owner, receives monthly distributions from this pool. This functions as a possible safety net if one outlives other assets they may own.

Employer-Sponsored Plan - Similar to an IRA, an ESP, is contributed into with earned income, however, an ESP may receive matched contributions up to a certain percentage by the employer. A term called "vesting" is typically equated to this type of retirement plan. This type of system can be very beneficial to both employers and employees since the employee can receive possible matching and the employer can attract certain employees for their practice. 

RMD - A RMD, or Required Minimum Distribution, is a government mandated distribution from one's IRA's, Employer-Sponsored Plan's, Annuity Cash Value, etc. An RMD satisfies certain purposes but specifically, to lower the reliance on Social Security. It keeps older citizens monies in circulation to promote market stimulation and in certain cases, mandates the payment of incomes taxes. Currently, RMD's are not required to be taken until age 73.