Retirement Basics
This concept describes the point where you work because you want to and not because you have to.
What is financial independence?
This kind of retirement account would be exempt from RMDs.
What is a Roth IRA?
This law governs employer retirement plans and ensures participant protections.
What is ERISA?
What is designating a beneficiary?
This is the annual gift exclusion that an individual can give without triggering gift tax.
What is $19,000?
These components make up the "three-legged stool" of retirement savings.
What are social security, employer retirement plans, and personal savings?
You'll be subject to a 10% penalty if you withdraw from your retirement account before this age.
What is 59.5?
Employers have this kind of obligation regarding the investment options provided to employees.
What is a fiduciary obligation?
These kinds of proceeds are generally included in the estate but not subject to income tax.
What are life insurance proceeds?
This surtax applies for a single filer with investment income and MAGI over $200,000.
What is $38,000?
This suggested withdrawal rate is used in the first year of retirement to ensure savings last.
What is 4%?
The new required minimum distribution age was recently increased to this age.
What is 75?
This strategy involves selling a security that has lost value in order to offset gains.
What is tax loss harvesting?
Testamentary transfer of property generally receives this kind of treatment in basis.
What is a step-up in basis?
You can carry over excess charitable contributions for this number of years.
What is 5?
This IRS rule requires distributions from retirement accounts beginning at a certain age, with penalties if missed.
What are required minimum distributions?
This term refers to the risk of losing employer contributions if you leave before a certain time.
What is vesting?
The retirement income option allows homeowners to access equity without required payments until death or leaving the home.
What is a reverse mortgage?
What is per capita?
If you donated household items, they would be deducted at this type of value.
What is fair market value?
Your required minimum distribution is calculated by dividing account balances by this factor.
What is life expectancy?
This type of retirement plan includes benefits based on salary, age, and years of service.
What is a defined benefit plan?
This type of fund allows the donor to recommend grants to charities over time.
What is a donor-advised fund?
This distribution method occurs if the estate passes to the next descendant if a beneficiary has already passed away.
What is per stirpes?
This concept applies when a deceased spouse's unused estate exemption transfers to the surviving spouse.
What is portability?