Retirement
Your goal for retirement is to live off ________% of your preretirement income.
70-80%
________ is the most important factor of compound interest.
Time
Largest US Stock Exchange
NYSE - Wall Street
The US FIT bracket is ______________. The more you make, the more you ______.
progressive, pay
What is the estimated cost to raise a child from birth - 18?
$300,000
The 3 legged stool of retirement includes what 3 sources of income?
pension plan, social security, personal savings / investments
_______% of your income should be saved or ____________.
10-20%, invested
3 major stock market index funds
Dow 30, NASDAQ, S&P 500
FICA taxes include which two things?
social security and medicare
_________ has the some of the highest cost of living + the highest state income tax at ____%.
Cali, 13.3%
______% of your paycheck goes toward Medicare, while ______% goes toward social security.
1.45%, 6.2%
A 401(k) is "sponsored" / opened by a company. Two benefits are that you pay ______ taxes now and your ___________ often offers a ________.
less/zero, employer, match
KO is Coca-Cola's _______ _______. $60 is their ______ _______.
ticker symbol, share price
The first 3 tax brackets are ____%, ____%, ____%.
10%, 12%, and 22%
2-3%, raise/income
Funds are set to run out in the next 10 years, there are less Americans working + funding it, most people rely SOLELY on that income in retirement.
Shane makes $50,000 + plans to invest 10% of it. His employer offers a 1:2 match up to 4%. How much should Shane invest into his 401(k) and Roth IRA? What would his employer invest?
$2,000 into 401(k) + $3,000 into his Roth IRA. His employer would invest $1,000.
Investing in a variety of assets = ______________. If you are younger, you can be more ___________ with stocks. The older you get, the more _________ you may invest in.
diversification, risky/aggressive, bonds
What are 3 ways you can file taxes? When do they have to be filed by?
Online - TurboTax, LATC, CPA or tax specialist, w/ your parents
April 15
Name 5 things that make cost of living higher or lower.
Housing / rent, groceries + restaurants, entertainment, transportation, taxes
__________ plans are common among ____________ / state jobs. They are a guaranteed benefit for how long?
Pension, government, for life
Name 3 differences between a Traditional IRA and a Roth IRA investment account.
Roth: tax FREE withdrawals, funded with after tax money/income, has an income limit, no withdrawal or minimum distribution requirements
The economy expands and contracts. Expansions may result in __________ and a ______ market. Contractions may result in a ___________, (at worst) ___________, as well as a _______ market.
inflation, bull
recession, depression, bear
SD state income tax is _____%. SD state sales tax is _____%. What are two other taxes you must pay on things you own?
0%, 4.2%, property, vehicle
Name 5 cities with the highest cost of living and 5 cities with the lowest cost of living. All must be from different states.
Any large coastal city (Honolulu, LA, Seattle, NYC, Washington)
Cities in FL, TX, WY, SD, ND, NE, MS, AL, etc.