Review - Retirement

Review - Retirement

9th - 12th Grade

10 Qs

quiz-placeholder

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Review - Retirement

Review - Retirement

Assessment

Quiz

Life Skills

9th - 12th Grade

Practice Problem

Medium

Created by

Lindsey Bradshaw

Used 137+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a defined benefit retirement plan?

401k

IRA

Pension

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a defined contribution benefit plan?

401k

IRA

Pension

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tax-deferred means...

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

You pay income tax on the retirement contributions when you deposit them

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

50

59 1/2

65

70 1/2

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

$1000

$2500

$5000

$6000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Traditional

Roth

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