Retirement and Estate Planning Concepts

Employer-sponsored retirement plan that allows an individual to deposit part of his or her earnings into a tax-deferred investment. 

• 401(k) Plan

• 403(b) Plan

• 457 Plan

• Beneficiary

Person or group who receives a deceased person’s assets. 

• 401(k) Plan

• 403(b) Plan

• 457 Plan

• Beneficiary

Personal account for setting money aside for retirement. 

• Individual Retirement Account (IRA)

• Living Will

• Probate

• Power of Attorney

Statement of instructions for specific medical treatment if a person becomes unable to make medical decisions related to deathbed concerns. 

• Individual Retirement Account (IRA)

• Living Will

• Probate

• Power of Attorney

Legal process of settling the affairs of an estate, paying final expenses, and distributing the balance of money and property to beneficiaries. 

• Individual Retirement Account (IRA)

• Living Will

• Probate

• Power of Attorney

Legal document that gives a person the power to act for another person regarding financial and legal matters.

• Individual Retirement Account (IRA)

• Living Will

• Probate

• Power of Attorney

Period of life after ending a working or professional career; can also be used to refer to the money a person has saved to be used during this period of life. 

• Retirement

• Required Minimum Distribution (RMD)

• Rollover

• Roth 401(k)

Arrangement through which a person transfers assets to a trustee, who then oversees and manages the assets on behalf of beneficiaries. 

• Roth IRA

• Trust

• Vesting

• Will

Legal document that states a person’s wishes for his or her estate after death; also called a last will and testament. 

• Roth IRA

• Trust

• Vesting

• Will

Which of the following assets are NOT typically included in a will?

• Personal Property & Jewelry

• Real Estate

• Money & Securities

• Family Heirlooms

• All can be listed in a will