Retirement
Early retirement age for collecting Social Security benefits is:
62
This is the biggest cost associated with buying a new vehicle:
Depreciation
The cost of owning an insurance policy, or what you pay the insurance company to take on a portion of risk:
Premium
Revolving (Open-end)
Full retirement age to collect Social Security benefits is:
67
The most common length for mortgages is:
30 years
The amount you must pay before any insurance coverage occurs:
Deductible
The range of credit scores is:
300-850
The recommended percent of pre-retirement income you should have to live comfortably in retirement is:
80%
If your Price to Rent ratio is greater than 21, it is best to:
Rent
If your spouse also works, you should have this much of your income in a life insurance policy plan:
4-10x
A type of loan that has a physical asset tied to it as collateral:
Secured
A retirement plan specific to educators and those working in non-profits:
403b
Your Debt to Income ratio should not exceed this percentage:
36%
A type of insurance that is legally required to hold and a specific example of it is:
Compulsory (car/liability)
This has the biggest impact on your credit score:
Payment history
A type of retirement plan that is after-tax contributions and is tax-free upon withdrawals:
Roth IRA
It is recommended that you should have a down payment of ___% to avoid paying ______________.
20%; Private mortgage insurance (PMI)
This penalizes the insured’s loss recovery if limit purchased is not at least equal to a specified percentage (typically 80%):
Co-insurance clause
It can take up to this long to build an average credit score in the mid 600's:
3 years