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WorksheetsRetirement
Total questions: 20
Worksheet time: 40mins
Tax-deferred means...
You do not have to pay income tax on the money until you begin to withdraw it at retirement
You pay income tax on the retirement contributions when you deposit them
Which of the following is an example of a defined contribution benefit plan?
401k
IRA
Pension
What is considered to be "retirement" age, when it is acceptable to begin taking IRA distributions without penalty?
50
59 1/2
65
70 1/2
What is NOT a reason you can take an early withdrawal from your IRA without penalty?
Down payment on your first home
To pay for higher education
To pay taxes owed to the IRS
To pay for unreimbursed medical expenses
Which type of IRA has contributions that are tax-deferred?
Traditional
Roth
If you leave a company before the required minimum of years to retain your pension, what happens to the money?
You receive 1/2 of it when you leave the company
You receive 1/3 of it when you leave the company
You receive all of the money and can roll it into your new retirement plan
You don't receive any of the money
Which of the following is an example of a defined benefit retirement plan?
401k
IRA
Pension
Why is a Roth IRA a better option for young savers over a Traditional IRA?
You will get tax deductions every year.
You will not have to pay the taxes on that money when you retire (and taxes will probably go up!)
You can save more money every year.
There is less paperwork to complete in order to sign up.
What does IRA stand for?
Internal Revenue Account
Individual Retirement Account
Incredible Retirement Account
I'm Really Awesome
Which of the below is an employer based retirement plan that only employers contribute to?
Traditional IRA
Roth IRA
401K
Pension
Which of the below is an employer based retirement plan that both employees and employers contribute to?
Traditional IRA
Roth IRA
401K
Pension
Which type of Life Insurance policy only pays a beneficiary when a person dies during a pre-determined time period?
Term Life Insurance
Whole Life Insurance
Variable Life Insurance
Universal Life Insurance
Who gets your death benefit once you die?
Insurance Company
Business Partner
Your Beneficiaries
Your Pets
Charity
Which type of Insurance Policy costs more but provides a cash value which can be used by the policy owner.
Term Life
Whole Life
Liability Insurance
Umbrella Policy
Which Type of Insurance Policy is a death benefit only with no cash value.
Term Insurance
Whole Life
Liability Insurance
Umbrella Policy
