Retirement Planning
This retirement plan is funded pretax and has a contribution limit presently of $7000 per tax year.
What is an IRA?
The act of planning for how your
Wealth will be allocated on or before your death
What is Estate Planning?
Funds provided by a creditor to a borrower that will
be repaid by the borrower in the future with interest
What is credit?
This reflect partial ownership in a company
What is a stock?
Under this health insurance plan, a referral from a general physician is required.
What is an HMO plan?
This retirement plan is funded after tax and has a contribution limit presently of $7000 per tax year.
What is a Roth IRA?
A legal request for how your estate should be
distributed upon your death.
What is a Will?
Built by paying bills in a timely manner
What is credit history?
You are the creditor of a corporation or government security
What is a bond?
This is pure life insurance and does not include a cash balance.
What is term life insurance?
A federal program that taxes you
during your working years, and uses the funds to
make payments to you upon retirement
What is social security?
A legal process that declares a will
valid and ensures the orderly distribution of assets?
What is probate?
Equifax, Experian and Trans
Union
What is a Credit bureaus?
The process of allocating money across financial assets with the objective of achieving a desired return while
maintaining risk at a tolerable level
What is Asset Allocation?
Provides health insurance to people over age 65
What is Medicare?
A defined-contribution plan that
allows employees to contribute a maximum of
$22,500 ($30,000 if they are of age 50 or older)
per year on a pre-tax basis, as of 2023
What is a 401k plan?
A legal document in which one person
transfers assets to another who manages them for
designated beneficiaries
Assets of a borrower that back a secured loan in the event that the borrower defaults
What is Collateral?
This is your greatest ally to managing risk
What is diversification?
Exposure to events or perils that can cause
financial loss
What is risk?
An employer-sponsored retirement plan that guarantees you a specific amount of income when you retire based on your salary and years of employment
What is a Defined-benefit plan?
A living trust that can be
dissolved
What is a revocable trust?
This is 30% of score
What is Credit utilization?
Investors who buy stocks and then sell them on the same day
What is a day trader?
Contract between an insurance company and policyholder
What is an insurance policy?