Retirement Accounts
Flashcard
•
Mathematics
•
12th Grade
•
Practice Problem
•
Hard
Standards-aligned
Wayground Content
FREE Resource
Student preview

15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is a 401k retirement plan?
Back
A 401k is a tax-advantaged retirement savings plan offered by many employers that allows employees to save and invest a portion of their paycheck before taxes are taken out.
2.
FLASHCARD QUESTION
Front
Can you take a loan from your 401k?
Back
Yes, you can take a loan from your 401k plan, but it must be paid back with interest.
3.
FLASHCARD QUESTION
Front
What is a Traditional IRA?
Back
A Traditional IRA (Individual Retirement Account) is a tax-deferred retirement savings account that allows individuals to contribute pre-tax income, which can grow tax-free until withdrawal.
4.
FLASHCARD QUESTION
Front
What is the penalty for early withdrawal from a Traditional IRA?
Back
The penalty for early withdrawal (before age 59.5) from a Traditional IRA is typically 10% of the amount withdrawn, in addition to regular income tax.
5.
FLASHCARD QUESTION
Front
At what age can you start taking penalty-free withdrawals from a Traditional IRA?
Back
You can start taking penalty-free withdrawals from a Traditional IRA at age 59.5.
6.
FLASHCARD QUESTION
Front
What is a Roth IRA?
Back
A Roth IRA is a retirement savings account that allows individuals to contribute after-tax income, which can grow tax-free and be withdrawn tax-free in retirement.
7.
FLASHCARD QUESTION
Front
What are the tax implications of withdrawing from a Roth IRA?
Back
Withdrawals from a Roth IRA are tax-free if the account has been open for at least five years and the account holder is at least 59.5 years old.
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
15 questions
banking study guide
Flashcard
•
12th Grade
15 questions
Semester Test - Math of Finance
Flashcard
•
12th Grade
15 questions
Fall 2024 - AFA Final Exam Review
Flashcard
•
12th Grade
10 questions
1 - W-2 Form
Flashcard
•
12th Grade
15 questions
Cryptocurrency Concept Check
Flashcard
•
12th Grade
15 questions
Employment Basics Review
Flashcard
•
12th Grade
15 questions
Compound Interest
Flashcard
•
12th Grade
15 questions
Review Bell Ringer
Flashcard
•
12th Grade
Popular Resources on Wayground
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
54 questions
Analyzing Line Graphs & Tables
Quiz
•
4th Grade
22 questions
fractions
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade
15 questions
Equivalent Fractions
Quiz
•
4th Grade
Discover more resources for Mathematics
12 questions
Add and Subtract Polynomials
Quiz
•
9th - 12th Grade
15 questions
Exponential Growth and Decay Word Problems Practice
Quiz
•
9th - 12th Grade
17 questions
Explore Experimental and Theoretical Probability
Quiz
•
7th - 12th Grade
15 questions
Parallelogram Properties
Quiz
•
10th - 12th Grade
18 questions
Solving Systems- Word Problems
Quiz
•
9th - 12th Grade
34 questions
7.4 Review Cubic and Cube Root Functions
Quiz
•
10th - 12th Grade
21 questions
Geometry Chapter 2 Review
Quiz
•
9th - 12th Grade
9 questions
Identifying Parts Of An Expression
Quiz
•
6th - 12th Grade