$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
The age you are first eligible to take social security.
What is 62?
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 amount of spousal social security you are entitled to at full retirement age if you are married, widowed, or divorced.
What is 50% of my spouses full retirement benefit?
300
To maintain control of your budget, you would do this.
What is decrease spending?
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
Women tend to require long term care assistance more often than men. True or False
What is True?
300
Age 66 if born before 1954, or age 67 if born after 1960.
What is full retirement age?
400
3-6 months worth of expenses saved.
What is an emergency reserve fund?
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 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
The number of years you have to work to be eligible for social security.
What is 10 years?
500
Your biggest asset.
What is your ability to work?
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
Every year you defer taking social security until age 70, it grows by this.