CH 18 -19 Word Scramble

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common misconceptions about retirement?	expenses will drop; retirement will only last 15yrs; depend on SS
retirement plan be updated once in a while	yes
how many years should you expect to spend in retirement	You can expect to spend about 16 to 30 years in retirement.
Be certain you don't let your 45th birthday roll by without a comprehensive retirement plan.
At age 65, what is the average life expectancy of a man and 19 for a woman.
Financial planning for retirement vitally important?	You can expect to live in retirement for many years.; Social Security and private pension may be insufficient to cover the cost of living. ; Inflation may diminish the purchasing power of your retirement savings.
You can determine your net worth by:	subtracting your liabilities from your assets.
-Reverse annuity mortgage	When a lender uses your house as collateral to buy an annuity for you from a life insurance company,
When you are nearing retirement, it is a good idea to:	decrease the face value of your life insurance.
In case of a divorce, division of pension benefits generally depends on the length of the marriage.
following expenditures for retirees is likely to increase	health insurance; medical expenses
expenditures for retirees is likely to decrease	clothing expenses; federal income taxes
type of housing is designed to allow people to stay in their homes as they grow older?	universal design
When do you apply for Social Security? x	3 months before you retire
Most employers' pension plans are defined-contribution or defined-benefit plans.
employer retirement plan specifies the benefits promised to the employee at the normal retirement age?	defined-benefit plan
Keogh accounts and individual retirement accounts the two most popular personal retirement plans?
His contributions are tax deductible	traditional IRA
His contributions are not tax deductible but earnings accumulate	Roth IRA
type of annuity is generally purchased by people of retirement age?	immediate annuity
Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.
A large percentage of people do little or nothing to provide for those who will survive them.
Estate planning has two parts. The first part consists of:	building your estate through savings, investments, and insurance.
In estate planning, if you are married:	your situation becomes more complex, and the need for orderliness and clarity becomes greater.
Unmarried couples face formidable retirement and estate planning challenges.
Intestate dies without writing a will.
A will is assets be divided equally between his wife and his two sons.
simple wills is called an	"I love you" will?  simple will -
leaves one half of your adjusted gross estate to your spouse outright as a marital share?	traditional marital share will
type of will does everything pass to your spouse, with the exception of an amount equal to the exemption, which passes into trust?	exemption trust will
will should be written, dated, and signed entirely in your own handwriting?	holographic will
will is usually prepared with an attorney's assistance?	Formal Will
A person who will follow your instructions specified in your will is called a(n)	executor
document explains, adds, or deletes provisions in your existing will?	codicil
Probate is a legal procedure of proving a valid or invalid will.
documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law	prenuptial agreement.
person who assumes the responsibilities of providing the children with personal care and managing the estate	Guardian
person or institution that holds or generally manages property for the benefit of someone else under a trust agreement	trustee
legal document authorizing someone to act on your behalf is called a:	power attorney
selected to receive the assets of his brother Kyle in the event of Kyle's death.	beneficiary
If you establish a(n) revocable trust, you retain the right to end the trust or change its terms
If you establish a(n) irrevocable trust, you cannot change its terms or end it.
Living trust is a property management arrangement that you establish while you are alive.
trust established by your will that becomes effective upon your death is called a(n) testamentary trust.
How many months after your death is the federal estate tax due and payable in cash?	9
An inheritance tax is levied on the right of an heir to receive all or part of the estate and life insurance proceeds of a deceased person.
The maximum tax rate on estates and gifts:	is gradually declining, but will increase dramatically in 2011 unless Congress intervenes.

Created by: mcarter06