Retirement Planning

 

Retirement Planning Quiz


Check to see if you selected the correct answer.

How soon should you start saving for retirement?

In my 50s
Once your children’s education is paid for
Right away Correct Answer
After you buy a house

When you retire, you must stop working completely:

True
False Correct Answer

Where is the best place to put your retirement money?

A bank account
A 401(k) company plan Correct Answer
Taxable stocks and bonds
Under the bed

IRA stands for:

Individual Retirement Account Correct Answer
Itemized Real Attributes
Itinerant Republican Admirals
Individual Residential Advantages

What does it mean if your money grows tax deferred?

The withdrawals are not taxed
The principal and earnings are not taxed while in the account Correct Answer
The contributions are not taxed
All of the above

Contributions to a Roth IRA are tax deductible:

True
False Correct Answer (Only contributions to a traditional IRA are decutible)

If you save money but don’t invest:

Your money will be safe for retirement
Your money will lose purchasing power because of inflation Correct Answer
Your money will be more at risk than if it were in stocks
Your money will disappear

What affects your retirement planning?

Length of time until you retirement
Length of retirement
Lifestyle in retirement
All of the above Correct Answer

 

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