Retirement Rules Quiz
Authored by Michael Cortes
Performing Arts
8th Grade
Used 2+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
With a Roth IRA, at what age are you required to begin withdrawing money?
At age 59 1/2
At age 70 1/2
When you begin receiving Social Security payments
Never
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine you are 35 years old, you have put $15,000 in your Roth IRA over the past
three years, and you need to take money out for an emergency. How much can you
take out tax free without incurring a penalty?
None because you are not 59.5 years of age
$5,000
$10,000
$15,000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A retirement plan that allows you to withdraw the money that you originally put in at any
time regardless of age without incurring taxes or a tax penalty is:
A 401(k) plan
A Roth IRA
A 403(b) plan
A deductible IRA
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the money in your retirement account if you re-marry and forget to
change the beneficiary before you die?
It will go to your new spouse as long as you have designated him as you primary
beneficiary in your will and/or trust.
It will pass directly to your children unless you have named your new spouse in your
will or trust as the primary beneficiary.
It will go to the beneficiary named on the account, even if it is your ex-spouse.
It will be divided equally between your new spouse and the named beneficiary.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term "matching contribution" refer to?
The percentage of your pay that you put into a workplace retirement plan.
A contribution an employer makes to an employee's defined-contribution plan that is
based on the employee's own contributions to the plan.
A contribution an employer makes to an employee's retirement plan that is based on
the length of time the employee has been with the company.
An end-of-year bonus an employer makes to an employee's defined-benefit plan.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If your company offers both a traditional 401(k) and a Roth 401(k), what should you do?
Split your money evenly between the two plans.
Save the maximum allowed in the traditional 401(k) first and then begin contributing
to the Roth 401(k).
Opt for the traditional 401(k), since it offers greater flexibility and tax savings today.
Opt for the Roth 401(k), since it offers more flexibility and greater tax savings in the
future.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you leave your job and you have a 401(k) plan with your old employer, you should:
Leave it where it is as long as you have under $5000 in the plan and are
comfortable with the investments
Cash out the account and use the money to pay down credit card debt
Have the money sent directly to you and then put that money in an IRA rollover
Have the money transferred directly from your old plan custodian to a new IRA
rollover custodian
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