IRA
Authored by Justin Persick
Life Skills
Professional Development
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the two main types of Individual Retirement Accounts (IRAs)?
Traditional and Roth
Traditional and 401(k)
Roth and 403(b)
SEP and SIMPLE
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of IRA offers tax-deductible contributions?
Traditional IRA
Roth IRA
Both Traditional and Roth IRAs
Neither Traditional nor Roth IRAs
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of IRA offers tax-free withdrawals during retirement?
Traditional IRA
Roth IRA
Both Traditional and Roth IRAs
Neither Traditional nor Roth IRAs
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of IRA does not have required minimum distributions (RMDs) during the account owner's lifetime?
Traditional IRA
Roth IRA
Both Traditional and Roth IRAs
Neither Traditional nor Roth IRAs
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a benefit of having an IRA?
Tax Advantages
Retirement Savings
Limited Investment Choices
Flexibility and Control
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can IRAs be used in estate planning?
IRAs cannot be used in estate planning.
By naming beneficiaries assets can be passed on to heirs with potential tax advantages.
By converting the IRA to a 401(k) plan estate planning benefits can be maximized.
IRAs can only be inherited by a spouse, not by non-spouse beneficiaries.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a commonly used guideline for retirement income replacement ratio?
Aim for a retirement income replacement ratio of 50-60%.
Aim for a retirement income replacement ratio of 70-80%.
Aim for a retirement income replacement ratio of 90-100%.
Aim for a retirement income replacement ratio of 100-110%.
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