Exam 19: Retirement Planning

The Keogh Plan is another retirement savings option,which can supplement Individual Retirement Accounts (IRAs)for employed persons.

If you have worked for a company long enough to claim a portion of your employer-sponsored retirement plan,you are ________.

Contributing to which of the following will give you an immediate tax benefit?

With which of the following retirement plans will your withdrawals not be subject to taxes if you are over 59-1/2 and have had the account for at least five years?

If you are allowed to change what your retirement plan is invested in over time,you have a(n)________ plan.

For a retiree who anticipates living 30 years,can earn 8 percent on his/her investment and will require $25,000 per year,how much in retirement funds will s/he need on the date of retirement? (a)$281,450 (b)$810,000 (c)$750,000 (d)$303,966

Payments to Social Security are based on salary and made monthly by

Your worst choice as an investment option for your 401(k)would be

Your Social Security retirement benefits are determined primarily by the amount

Describe two types of annuities.

If you are close to retirement,you should consider investing in ________ for your retirement account.

The traditional IRA allows tax-deductible contributions of up to $4,000 for individuals who are not covered by employer-sponsored retirement plans or meet income qualifications if they have an employer plan.

If an employer matches contributions to a 401(k)up to a maximum of $1,800 (employer and employee each contribute $1,800)and an additional $2,200 is contributed by the employee,how much will the employee have in 35 years if the investments in the 401(k)earn an average of 9 percent? (a)$152,600 (b)$203,000 (c)$1,251,089 (d)$776,538

What is the difference between a SEP and a Keogh retirement plan?

All of the following is good advice on retirement planning and savings except

Under a defined-contribution plan,there are specific guidelines for all but

It is often a good idea to invest most or all of your retirement savings in the stock of your employer so that you will demonstrate your loyalty.

In the year 2005,the average monthly Social Security payment received by retired individuals was approximately

Vesting means that employees have a claim to a portion of the retirement money that has been reserved for them upon retirement.

If you are far away from retirement,you should consider investing in ________ for your retirement account.