Retirement Planning

What is a key factor in being able to retire comfortably at any age?

• Living in a low-cost country

• Inheriting a fortune

• Working out a financial plan

• Winning the lottery

What percentage of their pre-retirement income do retirees generally need each year?

• 60%

• 50%

• 80%

• 70%

What is the annual maximum contribution to an IRA for someone under age 50 in 2024?

• $8,000

• $7,000

• $6,000

• $5,000

Which type of IRA allows for tax-free withdrawals if certain conditions are met?

• Traditional IRA

• Roth IRA

• SIMPLE IRA

• SEP IRA

What is a disadvantage of a Traditional IRA?

• High penalty fee for early withdrawal

• Limited investment options

• Contributions are not tax-deductible

• No tax benefits

At what age must workers start taking minimum withdrawals from a Traditional IRA?

• 65

• 75

• 70.5

• 72