Saving
How many months is a normal emergency cash reserve for
3 months
What is the age you can withdraw from your 401k or 403b "without" a tax penalty?
59 1/2
If you become disabled for more than 90 days and cannot work, this type of insurance pays a percentage (%) of income each month
Disability insurance
Leaving a legacy to children will help them have money to do what?
Go to college
Start a family
Start a business
Pay expenses
Start their own family
Buy a house
When using a credit card, you have to pay the money you spent plus what?
interest (%)
A safe place to keep your money
A bank or credit union
When you work and have a job. Your job (employer) puts a percentage (%) of the money from your paycheck towards a retirement account. Your employer (job) can match a percentage (%) that you contribute. The money is invested in the stock market and grows with compound interest that can be withdrawn at age 59 1/2 or there is a tax penalty.
401k,403b, TSP,
This type of health insurance is offered to older people from the United States government
Medicare
A person can apply for this type of policy from a company and when they pass away, the company will pay a specific amount of money to a selected person(s)
Life Insurance
The opposite of an ASSET?
A LIABILITY
A type of saving account that offers a higher interest rate (%) than normal saving account types
HIGH YIELD SAVING ACCOUNTS
What is the tax penalty percentage (%) when taking money from a 401k earlier than 59 1/2 years old?
10%
What is the minimum age to apply for MEDICARE?
65
The person that receives money from life insurance, annuities, an IRA (individual retirement account), or bank accounts
Beneficiary
A way to keep track of expenses (money you spend) on paper or spreadsheet
A budget
In the last 15 years your money in your high yield savings account went up 4%. In the same time inflation went up 3%. How much interest did your money receive?
1%
Pre-tax money (money that has not been taxed yet) goes into a Traditional IRA. After-tax money (money that has been taxed) goes into a what?
Roth IRA
An older person cannot walk on their own and cannot stand on their own to cook without assistance. These daily activities will allow this person to receive what that of care?
Long-term care (LTC)
A person creates this document that says who receives this such as money, the house, and guardianship of the children?
Will
A consolidation loan collects all your debt and pays it back into one payment. Name a debt you can used in a consolidation loan?
Credit cards or loans