Test your knowledge on Retirement Plans!

February 8, 2021

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Understanding how retirement plans work can help you make informed decisions and help increase your retirement income.

At what age must distributions from a Traditional IRA begin:

59.5

70.5

What is normally the earliest age to collect Social Security Income Benefits:

60 years old

62 years old

66 years old

70 years old

What are the primary differences between a Traditional IRA and a Roth IRA:

Roth IRA contributions are post-tax

Roth IRAs do not require a RMD

Traditional IRA contributions are pre-tax

All of the above

In a 401(k) plan, an employee is always automatically vested in any money contributed by the employer:

True

False

What age must you reach before you can draw from your 401(k) account without having to pay a penalty:

50 years old

55.5 years old

59.5 years old

401(k) plans are part of a family of retirement plans known as:

Defined Benefit Plan

Defined Contribution Plans

Can you contribute to a 401k and IRA in the same year?

Yes

Is it possible to take penalty-free distributions from an IRA before retirement:

Yes

A company that offers a retirement plan is legally required to offer the plan to all of its employees:

Yes

Are rare stamps an allowable investment for an IRA:

Yes

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