Financial Wellness

Enployer-Sponsored Accounts

100

This type of retirement account does not provide a current year tax deduction, but grows tax-free and allows for tax-free withdrawals during retirement.

Roth IRA, 401(k), or 403(b)

200

This type of retirement account provides a current year tax deduction and grows tax-deferred until withdrawals are taken during retirement.

Traditional IRA, 401(k) or 403(b)

300

The maximum contribution you can make to your 401(k) in 2023?

$22,500

400

During this period of time, your employer's contributions to your retirement account are subject to forfeiture back to the plan if you leave the company.

Vesting Period

Individual Accounts

100

This is an individual retirement account (IRA) that an employer or a self-employed person can establish.

SEP IRA

200

This type of account allows for after-tax contributions, grows tax-free, and has tax-free distributions if used for education-related expenses.

529 Savings Account

300

The maximum contribution you can make to a traditional and/or Roth IRA in 2023?

$6,500

400

This account is funded with after-tax dollars and grows with no tax advantages, but distributions prior to age 59 1/2 are not subject to tax penalties

Brokerage Account

Insurance

100

This person takes ownership of an account or policy if you pass away.

Beneficiary

200

This type of life insurance provides coverage for a specified amount of time, typically anywhere from one to 30 years and offers a death benefit, which is intended to help your beneficiaries replace your income if you pass away, but has no cash value.

Term Life Insurance

300

This type of life insurance typically lasts your entire life and can build cash value, which makes it a more complex and expensive product.

Permanent Life Insurance

400

This portion of life insurance death benefit proceeds are taxable

0%

Investments

100

These investment vehicles are designed to track a specific index (e.g., S&P 500) and usually have very low fees.

Exchange-Traded Funds (ETFs)

200

hese investment vehicles are a pool of investments managed by a team of professional analysts, but are usually associated with higher fees.

Actively-Managed Mutual Funds

300

This investment vehicle is a cash-equivalent asset, but can yield more than a checking account in high-interest rate environments.

Money Market Fund

400

This investment strategy consists of an allocation of 60% in equities (stocks), 40% of the investment is in fixed income (bonds) and cash.

60%/40% Allocation