Personal Finance-Chapter 15-Retirement

At retirement, many people find that their need for life insurance has diminished.

• True
• False

Earnings on tax-deferred accounts are taxed when withdrawn.

• True
• False

Heirs are people entitled to inherit property or assets.

• True
• False

Employee contributions to SEP plans are tax-deductible.

• True
• False

A reverse mortgage does not have to be repaid.

• True
• False

A 401(K) plan is available to government and not-for-profit employees.

• True
• False

Types of investment choices are different, depending on your age.

• True
• False

Government-sponsored pension plans include social security and veterans benefits.

• True
• False

A 403(B) plan is available to employees of profit-seeking businesses.

• True
• False

All people are eligible for a deductible, tax-deferred IRA.

• True
• False