Review - Retirement

Front

Which of the following is an example of a defined benefit retirement plan? 401k, IRA, Pension

Back

Pension

Front

Which of the following is an example of a defined contribution benefit plan? 401k, IRA, Pension

Back

401k

Front

Tax-deferred means...

Back

You do not have to pay income tax on the money until you begin to withdraw it at retirement

Front

What is considered to be "retirement" age, when it is acceptable to begin taking IRA distributions without penalty?

Back

59 1/2

Front

What is the maximum amount you are allowed to contribute to your IRA each year if you are 45 years old?

Back

$5000

Front

What is NOT a reason you can take an early withdrawal from your IRA without penalty? Down payment on your first home, To pay for higher education, To pay taxes owed to the IRS, To pay for unreimbursed medical expenses

Back

To pay taxes owed to the IRS

Front

Which IRA requires its owners to begin taking distributions at age 70 1/2?

Back

Traditional

Front

Which type of IRA has contributions that are tax-deferred?

Back

Traditional

Front

At what age are you required to begin taking distributions from your Roth IRA?

Back

Never

Front

If you leave a company before the required minimum of years to retain your pension, what happens to the money?

Back

You don't receive any of the money.