Exam 14: Planning for Retirement

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -A self-employed person could set up a [Keogh | 403(b)] retirement plan.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Most people today must have worked in a job covered by social security for the equivalent of at least [4 years | 10 years] to be fully insured and therefore eligible for retirement benefit payments.

A 401(k)plan allows you to defer taxes on part of your income.

Annuities may guarantee proceeds for a specific period or for a specific amount.

The median household approaching retirement has less than ___ percent of the money needed to maintain their standard of living in retirement.

Employees of a nonprofit corporation can contribute to a(n)