Retirement Planning
Explain Social Security benefits.
Social Security replaces a percentage of a worker’s pre-retirement income based on your lifetime earnings.
How much sleep per night is recommended for an 18-60 year old.
7 or more hours.
The month that you file your tax return.
April
According to the National Sleep Foundation, this is how long before bed should you stop using electronic devices.
At least 30 minutes.
A type of retirement account that is company-sponsored, and your contributions may be matched by your employer up to a certain account.
401(k)
True or false: Eye and dental insurance plans are separate from your main health insurance plan.
True
The form that you receive from your employer with your wage and salary information, what taxes are withheld, and your social security number.
W2
On average, the number of different jobs a person will have in their lifetime.
12
The primary benefit of this type of retirement account is that you pay taxes on the money when you contribute, so your money grows tax-free and you can withdraw tax-free.
Roth IRA
*Good idea for those who think your tax rate now will be lower than when you retire
This is when you get kicked off your parents' health insurance.
Your 26th birthday
The difference between gross and net pay on your paycheck.
Gross pay = What employees earn before taxes, benefits and other payroll deductions are withheld from their wages
Net pay = the amount remaining after all withholdings are accounted for (also known as take-home pay)
The two lengths of time that mortgages typically last (only need to list one to get the points).
15 or 30 years
This is an individual retirement savings account that is funded with pre-tax dollars (i.e. you pay taxes when you withdraw your money).
Traditional IRA
When the flu season starts in the US.
Fall (and goes through winter)
Describe APR on a credit card.
Put simply, APR is the cost of borrowing on a credit card. It refers to the yearly interest rate you’ll pay if you carry a balance, and it often varies from card to card. The rates are often variable, and the better your credit score, the lower interest rate.
What the J stands for AND means in the Myers Briggs personality types.
J - Judging, people who are list-makers and planners, like structure and scheduling their time
The full retirement age for Social Security benefits.
67 for individuals born after 1960
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
List one major health insurance provider in Colorado.
Aetna
Anthem Blue Cross Blue Shield
Cigna
Denver Health
Kaiser Permanente
Rocky Mountain Health Plans
The most common rule of thumb states that you should spend no more than ___% of your gross income (money made before taxes) on housing.
30%
True or false: In order to receive your cap/gown, you must pay all of your transcript fees and complete the Jeffco Senior Exit Survey.
True