Mortgage Quiz - Test your retirement knowledge

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

Press the Submit button to see the results.