Retirement Income
The term is used to describe the minimum amount that must be withdrawn from retirement accounts once an individual reaches a certain age to avoid penalties.
Fractional ownership in a public (or private) company.
What is a stock?
A list of instructions to a probate court.
What is a will?
Pays a beneficiary a benefit upon a death.
What is life insurance?
The year that RMDs will no longer be required from Roth IRAs.
What is 2024?
Federally funded government pension.
An "IOU" that will pay interest over a specified period of time.
What is a bond?
The person who receives trust distributions or life insurance proceeds?
What is a Beneficiary?
The age that you are eligible to apply for Medicare.
An educational account that can be used to fund a child's Roth IRA.
What is a 529 account?
An insurance contract that pays an immediate or future income streatm.
What is an annuity?
A retirement savings account offered by employers.
What is a 401k (403b, 457, SEP, or SIMPLE)?
A tax levied on the estate of a deceased person before the assets are distributed to heirs.
What is estate tax?
Coverage above and beyond home and auto policy limits.
What is an Umbrella Liability policy?
Additional contributions that individuals aged 50 or older can make to their retirement accounts that are now indexed with inflation.
What is a catch up contribution?
The maximum age you can start to receive social security beneifts.
What is age 70?
The loss of purchasing power.
What is Inflation?
The maximum that an individual can give to another person in a calendar year without incurring tax.
What is the gift tax exclusion?
The risk of outliving your money.
RMD start age pushed back for those turning 73 after 2033.
What is age 75?
Penalty-free substantially equal periodic payments from retirement accounts before age 59 1/2.
What are Systematic Withdrawals?
A type of IRA that allows individuals to make after-tax contributions, with tax-free growth and qualified tax-free withdrawals in retirement?
What is a Roth IRA?
A legal arrangement where property or assets are managed for the benefit of one or more beneficiaries.
What is a Trust?
A policy benefit will be paid if you can no longer perform 2 of the Activities of Daily Living (ADLs)?
High income earners will be forced to make Roth catch-up contributions at this income level.
What is $145k?