PF 7-5 Retirement Planning

Select an answer from the options below.

• a pension plan

• a defined benefit plan

• social security

• a defined contribution plan

A pension plan is also called:

• defined contribution plan

• a defined benefit plan

• social security

• a 401(k) plan

Creating a plan for retirement to meet desired future income goals, and allocating and investing the financial resources necessary to achieve the plan, is called:

• retirement planning

• asset allocation

• a defined benefit plan

• vesting

What type of retirement plan will some employers contribute matching funds towards?

• a pension plan

• a deferred compensation plan

• a 401(k) plan

• a bonus plan

A source of income provided by the federal government when you retire, primarily based on your total earnings throughout your career and your age when you start receiving benefit payments, is called:

• retirement planning

• social security

• a 401(k)

• asset allocation