Investing and Taxes
This account has dividends and interest taxed at ordinary income tax rates each year and capital gains taxed after they are realized on a sale for a gain
What is a non-qualified investment account?
2035
What is the year that the social security trust fund is projected to deplete its surplus?
$408
What is the nursing home daily average cost of care in the Milwaukee-Racine area.
*Based on NLTC 2020 Cost of Care Survey Report.
Conditional assignment appointing a lender as the primary beneficiary of a death benefit for a loan.
What is a collateral assignment of life insurance?
When disability insurance pays out
What is when you are sick or hurt and cannot work?
This investment account is tax deferred but penalized if you access it prior to age 59.5 unless an exception applies
What is a tax qualified investment account?
The transfer of funds from a pre-tax retirement account to a roth retirement account.
What is Roth conversion?
The amount of time you must wait before LTC insurance benefits are paid
What is the elimination period?
Life insurance that provides protection for an insured's entire lifetime
What is whole life insurance?
The average percentage of income protected by employer paid group disability insurance
What is 60%?
A distribution from a roth IRA opened at least five years ago from someone over the age of 59.5
What is a roth IRA qualified distribution?
40%
What is the percentage of older Americans that currently rely exclusively on Social Security income in retirement?
The ability of a person to keep assets equal to the benefit amounts received under a qualified LTC insurance policy
What is "Asset disregard" under a qualified Partnership LTC policy?
Tax qualification of a heavily overfunded life insurance policy whose funding exceeds federal tax law limits
What is a Modified Endowment Contract (MEC)?
The amount of monthly disability income you will receive from an annual base salary of $96K and an annual bonus of $24K with 60% group LTDi?
What is $4800?
Married Filing Jointly MAGI > 240K, Single MAGI > 161K
What is the contribution phase out income limit for a roth IRA in 2024?
An annuity contract that allows RMDs to be deferred until age 85
What is a Qualified Longevity Annuity Contract (QLAC)?
The inability to perform at least 2 out of 6 activities of daily living OR a severe cognitive impairment
What are LTC insurance benefit triggers?
A non-guaranteed payment from the insurance company to the policy owner representing profits the company earned during the policy year
What is a Life Insurance Dividend?
The reason disability insurance does not cover 100% of your pre disability income take home pay
What is there would be no financial incentive to go back to work?
Age 73
The age at which required minimum distributions (RMDs) must start under the SECURE 2.0 act.
IRA distributions made for qualified higher education expenses
What is an exception to 10% early distribution penalty?
Eating, Bathing, Dressing, Toileting, Transferring & Continence
What are Activities of Daily Living?
The type of permanent insurance where the owner takes the investment risk instead of the insurance company.
What is Variable Life Insurance?
The inability to engage in substantial gainful activity (SGA) due to a medically-determinable physical or mental impairment(s) that has lasted or is expected to last for a continuous period of at least 12 months or result in death.
What is Social Security's Definition of Disability?