Cashflow/ Budgeting
Gross Income - Expenses = ________
What is Net Income?
This life insurance is provided through your employer.
What is Group Life Insurance?
This is the IRA contribution limit for 2026.
What is $7,500?
This type of IRA allows you to take tax-free withdrawals after age 59.5.
What is a Roth IRA?
The full retirement age (FRA) for Social Security is __ for individuals born in 1960 or later.
What is 67?
This is a revolving, secured loan that allows homeowners to borrow against their home's equity.
What is a Home Equity Line of Credit (HELOC)?
This is a simple, affordable policy that provides a death benefit for a specific period.
What is Term Life Insurance?
This is the profit realized when you sell a capital asset for a price higher than your original purchase price (cost basis).
What is a capital gain?
This is a stock market index that tracks the performance of 30 of the largest companies in the US.
What is the Dow Jones?
This contribution allows you to contribute additional money into your retirement account after age 50.
What is the catch-up contribution?
If someone is married with children, their emergency fund last them __ months.
What is 6 months?
This type of life insurance provides lifelong protection with a guaranteed death benefit, lasting for your entire life as long as premiums are paid.
What is permanent life insurance?
This is the process of moving assets from a pre-tax retirement account—such as a Traditional IRA, SEP, SIMPLE IRA, or 401(k)—into a Roth IRA.
What is a Roth conversion?
This index is intended to measure the performance of most publicly traded companies headquartered in the United States
What is the Wilshire Index.
The maximum employee elective deferral for 401(k), 403(b), and most 457 plans is _________.
What is $24,500?
This is an employer-sponsored, tax-advantaged account that allows employees to set aside pre-tax money from paychecks to pay for qualified out-of-pocket medical, dental, vision, or dependent care expenses.
What is a Flexible Spending Account (FSA)?
This is a policy that replaces a portion of your income (typically 40-70%) if an illness, injury, or pregnancy prevents you from working
What is disability insurance?
This is a triple tax-advantaged personal savings account designed for individuals with a High-Deductible Health Plan (HDHP) to pay for qualified medical expenses.
What is a Health Savings Account (HSA)? Contributions are tax-deductible, earnings are tax-exempt, and withdrawals for qualified medical expenses are tax-free.
IRA stands for __________.
What is Individual Retirement Arrangement?
The Federal government requires you to take a certain amount out of your retirement account each year, starting at age 73. What is this called?
What is a Required Minimum Distribution?
This rule dictates that no more than ___% of your gross monthly income should be spent on housing costs, and no more than ___% should be spent on all of your debt combined.
What is The 28/36 rule?
This is an optional feature added to a life insurance or annuity policy that lets you use part of the death benefit or contract value to pay for qualifying long-term care services while you're still alive.
What is an LTC rider?
This is a surcharge added to Medicare Part B and Part D premiums for individuals with high incomes.
What is IRMAA (Income-Related Monthly Adjustment Amount)?
This is a type of deferred annuity that offers tax-deferred growth based on the performance of a stock market index, such as the S&P 500, while providing built-in protection against market downturns.
What is a Registered Index-Linked Annuity (RILA)?
This process allows you to make after-tax contributions into your employer's retirement plan and roll those contributions into a Roth IRA account.
What is Mega-backdoor Roth?