College Savings
Also called a "Qualified Tuition Program", this tax-advantaged investment vehicle is designed to encourage saving for the future higher education expenses of a designated beneficiary.
529 Plan, College Savings Plan, 529 College Savings Plan
The most famous stock exchange in the US, the New York Stock Exchange, is located on this street in New York City.
Wall Street
SSN Randomization began on June 25, 2011. Prior to randomization, the first three numbers reflect this. (123-xx-xxxx)
Zip code of the Social Security office that issued it. Like zip codes, the numbers increase from east to west across the U.S.
"IRA" is an acronym for this type of investment product that can help you to save money for your golden years.
Individual Retirement Account
This Cleveland Heights alum and Super Bowl champion threw out the ceremonial first pitch at the Guardians opening home game on April 7th, 2023.
Travis Kelce
Under the SECURE Act of 2019, up to $X of funds from a 529 plan can be used towards student loan expenses.
$10,000
$92.8 million represents the largest penalty ever assessed against an individual by this agency that regulates the stock market.
SECURITIES AND EXCHANGE COMMISSION, SEC
In 1935 at the time Social Security was passed this was indeed only 58 for men and 62 for women.
Life expectancy
These retirement accounts usually come with an employer match.
401K/403B
The Native American word for "crooked river", it famously caught on fire in 1969.
Cuyahoga River
You can now use up to $X from a 529 account each year per beneficiary on elementary, middle, or high school tuition.
$10,000
The Great Crash of 1929 and the Crash of 1987 both happened in this month.
October
You must have worked and paid Social Security taxes for at least this many years to compile the required 40 credits needed to qualify for benefits.
10 years
This retirement plan provides regular payments for as long as the recipient is alive.
Pension Plan
This men's high school basketball team has won 3 state championship titles in the last six years.
Lutheran East
Federal financial aid formulas assess student-owned assets (UTMA/UGMA/Roth for Minors) at rates as high as 20%, while parent-owned assets (529s) are factored at this maximum rate.
5.6% (will accept anything between 5-6%)
Type of stock whose performance goes up and down, depending on the economy, of course.
Cyclical
This is the extra percent of benefits Social Security rewards you for each full year you delay collecting benefits past full retirement age, up to age 70.
8 percent
Non-qualified IRA withdrawals prior to this age may be subject to a 10% penalty.
59.5
His ties to Cleveland go back to 1977 when he landed his first professional job as an intern at the Great Lakes Shakespeare Festival
Tom Hanks
On December 23, 2022, Congress passed a $1.7 trillion spending package that included a provision to amend the Internal Revenue Code. The change allows for tax- and penalty-free rollovers from 529 plans to these accounts starting in 2024.
Roth IRA
While the US is home to the world’s largest and second-largest stock exchanges, this city of brotherly love is home to the oldest stock exchange in the US.
Philadelphia
These can be up to 50 percent of your ex’s Social Security benefits, if you were married for at least 10 years, have not remarried and are 62 or older.
Divorced-spouse benefits
With this type of retirement account the employee is not allowed to make contributions. Only the employer may contribute.
Simplified Employee Pension, SEP IRA
On January 3, 2022, he was sworn in as the city's 58th mayor.
Justin Bibb