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Retirement Planning Flashcards | StudBud
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Retirement Planning
Retirement Planning
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16 questions from your research/notes
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Answers
1
A Roth IRA is tax free when withdrawn.
False
True
2
Why can't Donald Trump get a Roth IRA?
he can, only after his term is over
not available to business owners
he earns too much money
3
A pension is a government sponsored retirement plan.
True
False
4
How many X's your normal yearly income is needed to be saved in a 401K acct?
4
24
16
8
5
An IRA is always offered by an employee's company
True
False
6
Retired people normally rely on one source of income during retirement.
True
False
7
This refers to any money taken out of your paycheck
before
taxes are calculated.
Tax-deferred
Pre-Tax
Tax-exempt
8
Investment income is
not
taxed at all
Tax-exempt
Pre-Tax
Tax-deferred
9
What is the Social Security system supposed to provide by definition?
a basic safety net
retirement income for all Americans
10
taxes on an investment are
postponed
until money is taken out. It grows tax-free
Pre-Tax
Tax-exempt
Tax-deferred
11
A 401K is often offered by an employee's company.
True
False
12
Social Security's costs will exceed the program's total income in _____
2080
2020
2100
2030
13
what is a big problem with 401K'S?
leakage
poor management
low participation
14
What may be the result of the strain put on the Social Security system?
only hourly employees will receive benefits
program will be disbanded
benefits will start at age 79.5
payroll tax will rise for some workers
15
Most responsible retirees rely on only pensions for retirement income.
True
False
16
At what age can you start taking $ from your Roth IRA?
70 1/2
65 1/2
55 1/2
59 1/2
