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Retirement 101

Authored by Sandra Ingebretsen

Life Skills

11th - 12th Grade

Used 4+ times

Retirement 101
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the below is an employer based retirement plan that both employees and employers contribute to?

Traditional IRA

Roth IRA

401K

Pension

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the below is an employer based retirement plan that only employers contribute to?

Traditional IRA

Roth IRA

401K

Pension

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of employers usually offer pension plans for employees?

Government agencies

fast food restaurants

small start ups

private schools

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a Traditional and Roth IRA?

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.

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Traditional IRA

Roth IRA

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Traditional IRA

401K

Roth IRA

Pension

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does tax deferred mean?

You pay taxes when you put the money into the account and when you withdraw it.

You pay taxes now when you contribute to your account.

You pay taxes at a later date when the money is withdrawn.

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