Understanding IRAs: A Fun Jeopardy Game to Plan Financial Futures

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

2. IRA: Focus on the Future

3. IRA: Focus on the Future

4. Final Jeopardy Please make your wagers now

5. 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?

6. Final Jeopardy Answer $6,000

7. Basics $100 What does IRA stand for

8. Basics $200 The three types of IRAs Safe 1 offers

9. Basics $300 Give tax information, not tax __________

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

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

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

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

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

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

16. Traditional$400 What does RMD stand for

17. Traditional$500 What year was the Traditional IRA established?

18. Traditional $600 10% and 1%

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

20. Roth $200 $5,000 for 2008

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

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 Roth$400 These can be withdrawn tax-free and penalty-free at any time

23. Roth $500 5 years and first-time home purchase

24. Roth$600 60 days/once in 12 months

25. Coverdell$100 ESA stands for

26. Coverdell $200 Maximum Annual Contribution amount

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

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

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

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

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

32. Forms$200 Our CUID

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

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

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

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

37. Hodgepodge $100 She is our IRA Specialist

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

39. Hodgepodge $200 Safe 1’s Motto

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

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

42. Hodgepodge $600 This is Safe 1’s IRA Administrator

43. Daily Double!!!

44. A Parting Gift for the Contestants