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Personal Finance in Your 20s & 30s, 5E by Susan Shelly McGovern, Sarah Young Fisher

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APPENDIXA

Glossary

401(k) plan A retirement plan into which you can contribute a portion of your current salary, usually before taxes. Contributions can grow tax-deferred until you withdraw them upon retirement.

403(b) plan A retirement plan similar to a 401(k), except it’s offered only by hospitals, schools, and nonprofit employers.

adjustable-rate mortgage (ARM) A mortgage set up with an interest rate that can change at specific intervals as determined under the initial contract.

adjuster An individual who inspects damage as reported on an insurance claim and determines a settlement amount for the claim.

advance health-care directive A legal document that spells out your wishes regarding health-care decisions and appoints someone to make ...

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