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Retirement
| Term | Definition |
|---|---|
| 401(k) | "an employer-sponsored plan that gives employees a choice of investment options. Employee contributions to a 401(k) plan and any earnings from the investments are tax-deferred." Taxes are payed after retirement. |
| 403(b) | "A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers." ... "accept payroll-deducted contributions" |
| Annuity | A fixed payment given to someone, payed annually |
| Codicil | "an addition or supplement that explains, modifies, or revokes a will or a part of one"(eg, changing will from one person to another because that person died, etc) |
| Defined Benefit Plan | Based on years worked at a place and average salary; Set amount income after retirement given by previous employers |
| Equity | "the value of the shares issued by a company"; "the value of a mortgaged property after deduction of charges against it." In other words, the value of estate when passed on |
| Estate | "all the money and property owned by a particular person, especially at death." |
| Estate Planning | "the act of preparing for the transfer of a person's assets after his or her death." |
| Estate Tax | "a tax levied on the net value of the estate of a deceased person before distribution to the heirs." |
| Executor | "a person or institution appointed by a testator to carry out the terms of their will." |
| Gift Tax | You can give up to $14,000 in gifts w/o tax every year w/o being taxed, but after that, there is a tax |
| Heirs | "a person legally entitled to the property or rank of another on that person's death" -google |
| Individual Retirement Plan(IRA) | Aka Individual Retirement Account; can be put in any bank; was created by the government to help save money |
| Inflation | The lowering of the worth of a currency due to raised prices/money in the system... eg, USD worth today vs 1-cent candy days |
| Inheritance Tax | "a tax imposed on someone who inherits property or money" |
| Intestate | "a person who has died without having made a will" |
| Joint Tenants with Right of Survivorship | If one person dies, the property will be passed on to their survivor(surviving owner; eg, co-owned business; Scrooge) |
| Medicare | Federal Health Insurance program for those 65+ years in age, or those with specified disabilities. |
| Power of Attorney | "the authority to act for another person in specified or all legal or financial matters"; you can give someone your power of attorney(eg, Grey choosing matters in Chief's emergency health) |
| Simple Will | A will that is 'simple' in leaving all of one's estate behind(eg, all belongings going to spouse, instead of a complicated process of distributing everything between Jim, Sally, and everyone around) |
| Social Security | "a federal insurance program that provides benefits to retired people and those who are unemployed or disabled"... "provides monetary assistance to those with an inadequate or no income." |
| Testator | "a person who has made a will or given a legacy" |
| Trust | A group of trustees; a trust is giving someone property and such under the trust that they will use it "for the benefit of one or more others" |
| Trustee | Individual person of a trust board/group |
| Will | A legal document that states someone's 'will' after their death(gives instructions beyond death) |
Created by:
TheFavChild
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