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Please help 100pts!!!!!!!!!!!!!!! 1. Your parents are discussing when they are eligible to take out money from their 401(k) plans. Based on current tax laws, what financial advice could you offer? a.T
Please help 100pts!!!!!!!!!!!!!!!
1.
Your parents are discussing when they are eligible to take out money from their 401(k) plans. Based on current tax laws, what financial advice could you offer?
a.They can withdraw money beginning at the age of 59 ½, but will face penalties.
b.They have to wait until they are 62, before withdrawing any money in order to avoid penalties.
c.They can withdraw money beginning at the age of 59 ½, without receiving any penalties.
d.They can take out their money anytime, without facing penalties.
2.
In the future, you and your friends plan to receive Social Security after you retire. At what age can you currently plan to receive full benefits?
a.59 ½
b.62
c.65
d.67
3.
What should be included in your retirement plan?
a.The amount of social security you expect to earn
b.The amount of money you have in other accounts
c.Pension amounts from your former employers
d.All of the above
4.
Your spouse is a teacher at the local elementary school. Which retirement plan would she most likely have?
a.Roth IRA
b.Traditional IRA
c.401(k)
d.403(b)
5.
Your local minister has spoken to you about his retirement plans. Which account would he probably be discussing?
a.Roth IRA
b.Traditional IRA
c.401(k)
d.403(b)
6.
Your grandpa has an account in which he must make minimum withdrawals starting at 70 ½. Which account would you assume he has?
a.Roth IRA
b.Traditional IRA
c.401(k)
d.403(b)
7.
Which type of individual retirement account are you typically able to make withdrawals tax-free?
a.Roth IRA
b.Traditional IRA
c.401(k)
d.403(b)
8.
Social Security is supplemental retirement income and should not be the only thing a retiree relies on.
a.True
b.False
9.
IRA stands for Important Retirement Assets.
a.True
b.False
10.
A Roth IRA is beneficial because your withdrawals are tax-free.
a.True
b.False
