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Retirement Quiz




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    Question 1: What is the maximum 401k contribution allowed by the IRS in 2009 for employees over 50 years old?
    $22,000
    $16,000
    $16,500
    $21,500

    Question 2: What is the maximum social security benefit for a worker retiring at full retirement age in 2009?
    $2,023
    $2,123
    $2,223
    $2,323

    Question 3: What is the amount of earnings needed for one social security credit in 2009?
    $990
    $1,090
    $1,190
    $1,290

    Question 4: A defined-benefit plan is an employer-sponsored retirement plan where employee benefits are sorted out based on a formula using factors such as:
    return of investements
    salary history and duration of employment
    financial results of the employer
    salary history and contributions to other retirement plans

    Question 5: Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes) and: It is designed to help aged, blind, and disabled people, who have little or no income it provides cash to meet basic needs for food, clothing, and shelter.
    It is designed to help aged, blind, and disabled people, who have little or no income it provides cash to meet basic needs for food, clothing, and shelter.
    It is designed to help aged, blind, and disabled people family members or survivors
    It is designed to help aged, blind, and disabled people.
    None of the above.

    Question 6: Roth 401k Contributions you make must remain in the plan for minimum of 'x' years in order for the lump-sum earnings to be tax-free at the time of withdrawal, where x is:
    4 years
    5 years
    6 years
    7 years

    Question 7: A small business 401k is also known by this name:
    Roth IRA
    IRA
    401k
    Individual K

    Question 8: IRA's have required withdrawals that must begin at:
    67 1/2 years
    68 1/2 years
    69 1/2 years
    70 1/2 years

    Question 9: Roth IRAs are characterized by:
    tax free growth potential
    contributions are not tax-deductible
    no mandatory distributions during the Roth IRA's holder lifetime
    all of the above

    Question 10: A Rollover IRA is available for individuals:
    over 24 years
    under 65 years
    of any age
    under 70 years

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    External Retirement Resources

    Prudential Retirement Education and Planning
    Social Security Data