Retirement
Which retirement system automatically includes government matching contributions to your TSP?
What is the Blended Retirement System (BRS)
What is the contribution limit for an someone under age 50?
What is 24,500?
Age 50-59 $32,500, Age 60-63 $35,750 Age 64 and older 32,500
What is a credit report?
What is a record of your borrowing and payment history?
What credit score range is generally considered excellent?
What is 800-850?
This is your "take-home" pay, representing the amount of money you actually receive after taxes and other deductions are stripped from your paycheck.
What is net income?
Under the legacy retirement system, retired pay is generally calculated using what average of base pay?
What is High-36 (highest 36 months of basic pay)?
Which TSP fund is invested in U.S. government securities and carries virtually no risk of losing principal?
What is the G Fund?
Name one of the three major credit bureaus.
What are Experian, Equifax, or TransUnion?
What factor has the biggest impact on your credit score?
What is payment history?
Financial counselors recommend adopting this baseline rule, which means moving money into your savings account as soon as you get paid, rather than saving what is left over.
What is "Pay Yourself First"?
How many years of active federal service are generally required to earn a regular active-duty retirement?
What is 20 years?
Which TSP option automatically adjusts investments to become more conservative as retirement approaches?
What is the Lifecycle (L) Funds?
What is considered a good debt-to-income ratio?
What is without a mortgage 20%?
Wha tis with a mortgage 36%?
What percentage of available revolving credit should you generally stay below?
What is 30%
Groceries, utilities, and gasoline fall into this category of costs because they fluctuate based on your choices and habits
What are variable expenses?
Under BRS, what is the maximum government matching contribution to the TSP?
What is Up to 5% of basic pay?
True or False:
Stopping TSP contributions means you also lose any government matching under BRS.
True
True or False:
Closing your oldest credit card usually helps your credit score.
False
This credit check has no impact on your credit score.
What is a soft inquiry.
Which TSP contribution type may reduce your taxable income today?
What is Traditional TSP?
A Soldier contributes to both Traditional and Roth TSP. Which contributions are taxed nowand which are taxed later?
Traditional—taxed later.
Roth—taxed now.
This allows you to move money from your traditional TSP balance to a Roth balance.
What is a TSP Roth or Roth in-plan conversion?
What federal law allows you to obtain free copies of your credit report?
What is Fair Credit Reporting Act (FCRA)?
Name three factors that influence your credit score.
What are Payment history, Credit utilization, Length of credit history, New credit, Credit mix?
This is the specific term for the leftover cash you have to spend, save, or invest after all of your mandatory bills and living essentials are fully paid.
What is discretionary income?