Retirement Practice

Retirement Practice

9th - 12th Grade

20 Qs

quiz-placeholder

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Retirement Practice

Retirement Practice

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Mary Jean Sullivan

Used 1+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does it mean when something is tax exempt?

You don't have to pay taxes on it.

You must pay all taxes in advance.

You pay taxes later (years later)

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does it mean when something is tax deferred?

It means taxes are eliminated entirely.
It means taxes are paid immediately.
It means taxes are postponed until a later date.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to start saving for retirement when you're young (ex: early 20s)?

To benefit from compounding. The earlier you start saving, the more $ you'll have decades from now.

Trick question. Starting to save in your 40s is just as effective as starting in your 20s.

All retirement accounts help reduce your income taxes now.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Does everyone qualify for Social Security retirement benefits?

Yes - once you hit a certain age

No - you must pay FICA for at least 10 years AND hit a certain age.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When is the earliest you can start withdrawing money from your retirement accounts (Traditional IRA, 401k) without an income tax penalty from the IRS?

59 1/2 years old

62 years old

65 years old

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is OUR full retirement age for Social Security retirement benefits?
[There will be no reduction in benefits]

59 1/2 years

62 years

65 years

67 years

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False: Social Security retirement benefits are enough to live off of when we're retired.

True

False

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