Planning for Retirement (10-1 and 10-2)

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Across
  1. 2. _________: A retirement savings plan for self-employed professionals in which the pre-tax money invested is tax-deferred until withdrawn.
  2. 6. _________(Old-Age, Survivors, and Disability Insurance): An insurance that pays benefits to retired workers that help them meet their financial obligations and provides benefits to families of retired workers and disabled workers under certain conditions.
  3. 9. ___________(IRA): An account that is opened by an individual, rather than sponsored by an employer.
  4. 10. _________:Money that is not taxed
  5. 14. __________: A tax-deferred retirement savings program for employees of educational institutions and some non-profit organizations.
  6. 16. _________: Deposits are taxable, but when the money is withdrawn after having been there for at least 5 years and the saver is at least 59 and a half years old, the money and the income earned is tax exempt or is free from all taxes.
  7. 17. ____________: Money used for investing that has already been taxed.
Down
  1. 1. _________: A retirement savings plan for self-employed professionals in which pre-tax money invested is tax-deferred until it is withdrawn.
  2. 2. ____________: A record of the money an individual earned every year; it includes the number of credits you have earned.
  3. 3. ____________: Age at which a person receives full retirement Social Security benefits.
  4. 4. _________: benefit based on earnings over a person's working lifetime; reduced benefits can start as early as age 62; people born after 1960 must wait to start collecting full retirement benefits until the age of 67, their full retirement age.
  5. 5. _______: Taxes are paid at the time the money is withdrawn from the account, not when the money is actually earned.
  6. 7. ______:The time when a person stops working for an employer.
  7. 8. __________: A deposit made to a retirement account this is deducted from wages before taxes, and therefore is not taxed; _______ investments lower a person's current taxable income.
  8. 11. ___________: A savings plan in which the income generated
  9. 12. ___________: A person of retirement age who works only partially or part-time.
  10. 13. _________: A retirement savings plan that is sponsored and set up by an employer for its employees; like other retirement plans, there are strict rules as to when the money can be withdrawn without penalty and strict contribution limits that change from year to
  11. 15. ____________: Based on total wages and self-employment income during the year; the number of earnings it takes to earn a credit changes each year; in 2016, a person had to earn $1,260 in covered earnings to get one credit; people born after 1929 need 40 credits in their lifetime qualify for Social Security benefits.