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If you don’t need the money, you may file the proper IRS form and not take a distribution until you need it. No taxes will be due until you withdraw money from your account
You must start taking distributions and paying taxes on them by April 1 of the year following the year in which you turn 70½
You may defer distributions until age 80½, although you must pay tax annually on any capital gains
You must pay estimated taxes starting at 70½, but you may defer distributions until you are 80½, so your fund can continue to grow
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To save means to put money where it will grow very slowly (or not at all), and to invest means to put money where it will grow much faster
To save means to put money in a vehicle that is safe, protected from loss, and has guaranteed growth, and to invest means to put money in a financial vehicle or asset that has a certain amount of risk and no guarantees of growth
To save means to put money into any kind of an account at a bank, and to invest means to put money into a brokerage account
There is no significant difference between saving and investing. The words mean essentially the same thing and can be used interchangeably
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$25,000
About $22,000 ($25,000, less approximately $3,000 in finance charges you didn’t have to pay)
Trick question; it’s usually better to lease
$25,000 plus the interest or investment income you could have earned, if you hadn’t withdrawn the money to pay cash for the purchase
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$30,000
$100,000
$250,000
Medicare covers most of the cost
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An asset is liquid if you can sell it relatively quickly to a willing buyer to get your money out, although you may have to take a loss
Money you have in bonds or CDs is liquid
Your money is liquid if you can get your hands on it immediately, without incurring a loss or selling an asset
Any asset you can use as collateral for a loan is, by definition, liquid
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The same percentage as the increase in the appraised value (or sales price) over the cost basis of your original purchase
The reduction in the loan amount, subtracted from the current appraised value
The return you receive is equal to the interest rate you pay on your mortgage
Payments of principal you make into your home do not earn interest or make you any money
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1%
3%
10%
28%
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0
1
3
7
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95%
80%
50%
20%
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10%-22%. You’ll probably be in a lower tax bracket when you have to pay the tax, since your income will likely be reduced in retirement
You might not save anything, and in fact, you might end up paying more
It’s impossible to say, but the amount you will save is likely to be substantial
You can typically expect to save about 40% of the taxes you would have had to pay
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5%
10%
25%
40%
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Less than 2% per year
About 7%
About 10%
More than 12%
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$3,500 per year, for supplemental insurance
$220,000
The husband (average life expectancy 83) will require $28,000 while the wife (average life expectancy 85) will require $41,000
About $5,000 per year, thanks to the Affordable Care Act
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About one-fourth
Almost one-third
Almost half
About 75%
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Employees who put money into their companies’ 401(k) plans
Employers who offer 401(k) plans
Workers not eligible for a 401(k) plan
Workers whose pension funds were at risk
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10 days
30-60 days
180 days
One year, as long as you continue to pay the interest due on your loan
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17%, after fees
14% - 18% depending on investors’ hold time
Lost an average of 11%
8%, due to inflation, taxes, and fees
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$26,000
$132,500
$436,000
$1.2 million
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$8, less the commission
Nothing
It depends on your original purchase price (cost basis)
$28
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