Terms
What does IRA stand for?
Individual Retirement Account
What is the minimum balance for an IRA?
There is none
Can you have an IRA and a 401k at the same time?
Yes
What is the second largest country in the world by area?
Canada
What does APY stand for?
Annual percentage yield
At what age do RMDs start in a traditional IRA?
72
How many IRAs can one person have?
There is no limit
How many stars were on the first American flag?
13
What is a traditional IRA?
An IRA where money is invested pre-tax and then taxed at the time of withdrawal
Do Roth IRAs have RMDs?
No
Can you convert a traditional IRA to a Roth IRA?
Yes
What does the Chemical symbol Au stand for?
Gold
What is a Roth IRA?
An IRA where you invest money that has already been taxed so you do not have to pay taxes on the gains
How old do you have to be to start an IRA?
There is no age limit
What is necessary to convert a traditional IRA to a Roth IRA?
You have to pay the taxes on it
What is the smallest planet in our solar system (excluding Pluto 😔)?
Mercury
What does RMD stand for?
Required minimum distribution
What is the maximum IRA contribution for those under 50?
$7,000
What percentage of American households have an IRA?
41%
What is Dendrophobia?
A fear of trees