Retirement Accounts

Which of the following retirement accounts are sometimes benefits of a job?

• Traditional 401k + Pension Plan

• Roth IRA + Traditional IRA

• Pension Plan + Traditional IRA

• Roth IRA + Traditional 401k

Which retirement plans are NOT tied to any type of job and are independent plans you get at a bank or brokerage?

• Roth IRA + Traditional IRA

• Roth IRA + Traditional 401k

• Traditional 401k + Pension Plan

• Traditional IRA + Pension Plan

Which plan has the LEAST flexibility when it comes to investment options? Meaning you have NO say in how the money is saved/invested?

• Roth IRA

• Pension Plan

• Traditional IRA

• Traditional 401k

With this plan you do not pay any taxes when you withdraw the money because you already paid taxes on the money before contributing it.

• Roth IRA

• Pension Plan

• Traditional IRA

• Traditional 401k

With this plan you are promised a fixed amount (that may go up to match inflation).

• Pension

• Roth IRA

• Traditional IRA

• Traditional 401k

This plan often has an EMPLOYER MATCH where they will contribute a small % to match what you are contributing.

• Traditional 401k

• Pension Plan

• ROTH IRA

• Traditional IRA

In pension plans and ___________ the money contributed comes straight from your paycheck.

• Traditional 401k

• Traditional IRA

• ROTH IRA

• None of these

Traditional IRAs, Roth IRAs, and Traditional 401ks all put your retirement money in...

• different investment options like stocks, bonds, mutual funds

• different savings accounts

• certificate of deposits

• gold, wheat, and cryptocurrency

As you get closer to retirement age it is generally recommended that you put your money into...

• safer investment options like bonds or savings accounts

• riskier investment options like stocks

• a casino and hope you win big

In general, to avoid any penalties, you must be ____ years old to take from your retirement accounts. (Roth IRAs have some exceptions)

• 60.5

• 59.5

• 55.5

• 65.5