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Understanding Retirement Basics Quiz

Authored by Stacy Shiffner

Life Skills

9th Grade

Understanding Retirement Basics Quiz
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary reason most people choose to retire?

To travel the world

To spend more time with family

To stop working due to age or health

To start a new career

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Social Security?

A government program that provides financial assistance to retirees

A private savings account for retirement

A type of health insurance for the elderly

A retirement plan offered by employers

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a 401(k) plan?

It is a government-funded pension plan

It is a retirement savings plan sponsored by an employer

It is a type of health savings account

It is a mandatory savings account for all employees

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an IRA?

An Individual Retirement Account

An International Revenue Account

An Insurance Retirement Account

An Immediate Retirement Annuity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does a Roth IRA differ from a traditional IRA?

Contributions to a Roth IRA are tax-deductible

Withdrawals from a Roth IRA are tax-free

Roth IRAs have higher contribution limits

Roth IRAs are only available to people over 50

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a 403(b) plan?

A retirement plan for government employees

A retirement plan for employees of public schools and certain non-profit organizations

A retirement plan for military personnel

A retirement plan for private sector employees

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a common goal for retirement planning?

To accumulate enough savings to maintain one's lifestyle

To invest in high-risk stocks

To retire as early as possible regardless of savings

To rely solely on Social Security benefits

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