Let’s sit back and reflect…

Let’s sit back and reflect… With a little game of Jeopardy

IRA: Focus on the Future

Final Jeopardy Please make your wagers now

Mr. Brown is 66 ½ working as a “greeter” at Wal-Mart part-time. He makes $7,000/year. How much can Mr. Brown contribute for the current year?

Final Jeopardy Answer $6,000

Basics $100 What does IRA stand for

Basics $200 The three types of IRAs Safe 1 offers

Basics $300 Give tax information, not tax __________

Basics$400 The minimum amount a member can open an IRA with

Basics $500 Name 2 of the 3 ways IRA accounts benefits the credit union

Basics $600 The term used for the cut-off date for a previous year deposit

Traditional$100 Under normal circumstances, this is the earliest age you can withdraw penalty-free

Traditional$200 Under normal circumstances, at what age is a member required to take distribution

Traditional$300 This reason for penalty-free distribution begins with “D” and ends with a “Y”

Traditional$400 What does RMD stand for

Traditional$500 What year was the Traditional IRA established?

Traditional $600 10% and 1%

Roth$100 The biggest benefit for a member to open a Roth

Roth $200 $5,000 for 2008

Roth$300 Age when the member is required to take distributions

Roth$400 These can be withdrawn tax-free and penalty-free at any time

Roth $500 5 years and first-time home purchase

Roth$600 60 days/once in 12 months

Coverdell$100 ESA stands for

Coverdell $200 Maximum Annual Contribution amount

Coverdell$300 Under normal circumstances, this is the maximum age limit for contributions

Coverdell$400 Withdrawals are tax-free and penalty-free only for this type of expense

Coverdell$500 The term used for the person responsible to over-see the account

Coverdell$600 Under normal circumstances, this is the age that all funds must be disbursed by

Forms$100 Every branch has one of these that contains IRA originals

Forms$200 Our CUID

Forms$300 This document is used to type the information onto the application

Forms$400 The form required in order to open any IRA

Forms$500 This area must be signed if the primary beneficiary is not the spouse

Forms$600 Use this form if a member wants to move his/her IRA from KSFCU to Safe 1

Hodgepodge $100 She is our IRA Specialist

Hodgepodge $400 What was our name before Safe 1 Credit Union?

Hodgepodge $200 Safe 1’s Motto

Hodgepodge $300 Name 2 of the 4 people in the Operations Department

Hodgepodge $500 The number of directors that serve on the Board

Hodgepodge $600 This is Safe 1’s IRA Administrator

Daily Double!!!

A Parting Gift for the Contestants

Let’s sit back and reflect…