Retirement Accounts

Front

Which is an employer-based retirement plan that both employees and employers contribute to? Options: Traditional IRA, Roth IRA, 401K, Pension

Back

401K

Front

Which of these accounts do you set up at a brokerage firm or other financial institution?

• 401K
• Pension
• Individual Retirement Account

Back

Individual Retirement Account

Front

What is the difference between a Traditional and Roth IRA?

Back

A traditional IRA's contributions are not taxed until you withdraw them at retirement. A Roth IRA's your contributions are taxed when you invest.

Front

What account is a good idea if you are in a lower tax bracket than you will be at retirement?

Back

Roth IRA

Front

Which type of account will your employer often "match" your contributions?

Back

401K

Front

Tax deferred

Back

You pay taxes at a later date when the money is withdrawn.

Front

The money put into this type of account has already had taxes taken out.

Back

Roth IRA

Front

When should you start saving for retirement?

Back

When you get your first job

Front

At what age can you start taking withdrawals from retirement accounts (401k, IRA, 403b) without penalties?

Back

59.5

Front

Supplemental retirement plan for government workers: 401k, 403b, Roth IRA, Trad IRA

Back

403b