Retirement Accounts

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

• Traditional IRA

• Roth IRA

• 401K

• Pension

Which of these accounts do you set up at a brokerage firm or other financial institution?

• 401K

• Pension

• Individual Retirement Account

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.

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

• Traditional IRA

• Roth IRA

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

• Traditional IRA

• 401K

• Roth IRA

• Pension

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• You pay taxes at a later date when the money is withdrawn.

The money put into this type of account has already had taxes taken out.

• Pension

• 401K

• Roth IRA

• Traditional IRA

You should start saving for retirement

• When you get married

• When you get your first job

• When you reach age 50

• When you reach age 65

At what age can you start taking withdrawals from retirement accounts (401k, IRA, 403b) without penalties?

• 51.5

• 59.5

• 62.5

• 73

At what age are you required to start taking minimum withdrawals from retirement accounts (401k, IRA, 403b)?

• 51.5

• 59.5

• 62.5

• 73