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Unit 6 Test - Retirement
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1. Jamie does not worry about retirement as she doesn't think she will need much money in retirement. What percentage of Jamie's salary would you tell her that she will need in retirement to maintain in a similar lifestyle?
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1 point
50%
60%
80%
100%
2. Chloe is planning for retirement and was born in 1970. What is the full retirement age for Social Security for Chloe?
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1 point
59
62
65
67
3. Yvonne wants to retire early and assumes she will receive her full social security benefits. What will happen if Yvonne decides to retire at 62 years of age?
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1 point
she will receive her full benefits
she will receive reduced benefits
she will receive increased benefits
she will not be eligible to receive any benefits
4. When calculating Social Security benefits, the Social Security Administration looks at the highest ____.
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1 point
10 income years
20 income years
25 income years
35 income years
5. What does a Social Security Statement of Earnings show?
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1 point
how much more you will have to contribute
how much you can expect to receive at retirement
how much you can expect to receive if you lose your job
how much individuals in your age group will receive on average
6. Who should be willing to take the most risk with investments?
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1 point
an individual nearing retirement age
a young, single individual who is financially secure
a married couple expecting their first child
a couple whose children have recently started college
7. Who should have the most conservative investments?
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1 point
an individual nearing retirement age
a young single individual who is finally secure
a married couple expecting their first child
a couple whose children have recently started school
8. Oscar is looking forward to retirement and feels lucky since he will receive a percentage of his monthly income from a plan his employer has funded. What type of retirement plan will Oscar receive money from?
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1 point
401(k)
defined benefit plan
define-contribution plan
Individual Retirement Account
9. What is the earliest age at which you can withdraw money from an IRA without any penalties?
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1 point
55
59-1/2
62-1/2
67
10 Zach is in a low tax bracket so does not need an immediate tax advantage. What type of retirement plan would be best for Zach and provide tax benefits later?
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1 point
Roth IRA
Annuity
Mutual funds
Traditional IRA
11. For which retirement investment is money contributed subtracted from your taxable income?
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1 point
Roth IRA
Annuity
Mutual funds
Traditional IRA
12. How many years must a Roth IRA be in place before withdrawals can be made?
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1 point
two years
five years
seven years
ten years
13. What is the most common type of pension plan?
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1 point
401(k)
403(b)
Simplified employee pension
Savings Incentive Match Plans for Employees
14. When will you pay taxes on a 401(k) pension plan?
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1 point
each year the plan grows
every five years you have the plan
when you make contributions to the plan
when you begin receiving distributions upon retirement
15. Andrea wants a retirement plan that has no limits on contributions. What retirement plan would be best for Andrea?
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1 point
401(k)
Annuities
Roth IRA
Traditional IRA
16. A plan used by small businesses; employee contributions are pre-tax and an employer makes matching contributions.
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1 point
401(k)
Annuities
Individual Retirement Account (IRA)
Simplified Employee Pension (SEP)
Savings Incentive Match Plans for Employees (SMILE)
17. Best known type of pension plan; employees contribute with pre-tax money.
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1 point
401(k)
Annuities
Individual Retirement Account (IRA)
Simplified Employee Pension (SEP)
Savings Incentive Match Plans for Employees (SMILE)
18. Funded by employees with no limit to contribution.
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1 point
401(k)
Annuities
Individual Retirement Account (IRA)
Simplified Employee Pension (SEP)
Savings Incentive Match Plans for Employees (SMILE)
19. Pension plan used by small businesses; primarily funded by an employer.
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1 point
401(k)
Annuities
Individual Retirement Account (IRA)
Simplified Employee Pension (SEP)
Savings Incentive Match Plans for Employees (SMILE)
20. Plan you set up with your financial institution, insurance company, or brokerage; funded solely by your contributions.
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1 point
401(k)
Annuities
Individual Retirement Account (IRA)
Simplified Employee Pension (SEP)
Savings Incentive Match Plans for Employees (SMILE)
21. Saving early for retirement allows you to take advantage of power of early investing and end up with more money for your retirement.
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1 point
True
False
22. Social security does not provide any benefits for individuals who become disabled unless they are retirement age.
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1 point
True
False
23. In order to benefit from a retirement plan, you must be vested, which usually is determined by a set number of years with a company
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1 point
True
False
24. There are no penalties if you take money out of a 401(k) if you are under 25.
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1 point
True
False
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