On The Agenda:
The financial world is full of acronyms that get thrown around for convenience, but the average person doesn’t necessarily know what they all mean. Today we’ll share the financial acronym salad and their meanings.
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Episode Show Notes:
On this episode of How Money Works, Craig and Jennifer Moser break down some of the common acronyms in the financial world and what they mean.
ETF = Exchange Traded Fund
An ETF is a type of security that would track an index, sector or commodity. It’s similar to a mutual fund, but it’s traded like a stock. It has more flexibility.
RMD = Required Minimum Distribution
When you reach the age of 72, the government says you have to take a required minimum distribution from your qualified retirement account whether or not you need the money.
CFP = Certified Financial Planner
A CFP is a type of financial advisor, but it comes with a certified designation that says the advisor demonstrates an in-depth knowledge of financial planning.
FRA and NRA = Full Retirement Age and Normal Retirement Age
Full retirement age is when you’re entitled to 100% of your Social Security benefits. It depends on the year you were born.
Listen to the full episode or use the timestamps below to jump to a certain section. Thanks for listening.
Important Points:
4:48 – ETF
5:52 – RMD
9:13 – CFP
13:12 – FRA and NRA
15:12 – COLA
17:07 – CPI
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