$22,826 is the current average cost per year for tuition, fees room and board, and expenses for what type of college?
What is public?
100
Pays out tax free money to your beneficiaries on your death.
What is life insurance?
100
Commonly referred to as an IRA.
What is a retirement savings plan?
100
In the event of incapacity, authorizes a person to manage financial affairs.
What is a Durable Power of Attorney?
200
Financial freedom is directly tied to one's level of this.
What is debt?
200
This could continue growing by 4-7% per year.
What is college tuition?
200
A retirement vehicle that money is contributed with after tax dollars, that is tax free in distribution.
What is a Roth IRA?
200
Not putting all your "eggs in one basket" with your financial strategy.
What is diversification?
200
The average employer long term disability insurance covers 75% of lost income. True of False.
What is False?
300
The recommended amount of money you should have saved in an emergency fund.
What is 3-6 months worth of expenses?
300
A state sponsored qualified tuition program that is a college savings vehicle that offers federal, and sometimes state, tax advantages.
What is a 529 plan?
300
My tax bracket will be lower in retirement after my spouse passes away. True or False
What is False?
300
What is full retirement age for someone born after 1960?
What is age 67?
300
Life insurance can be used to cover more than 1 person's life. True or False.
What is True?
400
Your biggest asset.
What is your ability to work?
400
A savings vehicle that provides flexibility to use the money for elementary or secondary school in addition to college, but you can only save $2000 per year.
What is a Coverdell education savings account?
400
39.6% is the highest.
What is the current federal income tax rate?
400
The government makes you take this on any qualified retirement accounts at age 70 1/2.
What is a Required Minimum Distribution (RMD)?
400
Life insurance can be overfunded and used as another tax free vehicle for this.
What is retirement?
500
You spend roughly this percentage more per month when you charge credit cards versus cash or debit cards.
What is 20%?
500
This can comprise of up to 50% of the financial aid of a student.
What is student loans?
500
These are the penalties if you cash in your 401(k) before you reach the age of 59 1/2.
What is income taxes on the withdrawal and a 10% early withdrawal penalty?
500
The typical length of time your retirement dollars need to last with the longer life expectancy.
What is 30+ years?
500
The percentage of workers that enter the workforce today will become "disabled" before retiring.