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Retirement Benefits (RET) Track
#Question
What is the purpose of a retirement plan portfolio review?
A.
To assess overall performance and alignment with goals
B.
To change tax statuses
C.
To eliminate risks
D.
To ignore market trends
Correct Answer:
A
Regular reviews of a retirement portfolio assess performance and ensure alignment with financial goals, allowing for necessary adjustments.
#Question
What impact does market performance have on a defined contribution plan?
A.
No impact
B.
Guarantees growth
C.
Can lead to higher balances
D.
Increases employer contributions
Correct Answer:
C
Market performance can significantly affect the account balances in defined contribution plans, impacting overall retirement savings.
#Question
How can a health savings account (HSA) complement retirement savings?
A.
Limits contributions
B.
Only for immediate expenses
C.
Guaranteed investment returns
D.
Tax-free contributions and withdrawals for medical costs
Correct Answer:
D
HSAs allow tax-free contributions and withdrawals for qualified medical expenses, providing a valuable resource in retirement.
#Question
Why is it important to educate oneself about retirement planning?
A.
To avoid investing
B.
To focus solely on taxes
C.
To make informed decisions
D.
To increase complexity
Correct Answer:
C
Educating oneself about retirement planning enables individuals to make informed decisions that benefit their financial future.
#Question
What should individuals consider when determining their retirement age?
A.
All of the above
B.
Lifestyle expectations
C.
Health conditions
D.
Expected retirement income
Correct Answer:
A
Individuals should consider health, income expectations, and lifestyle when determining a suitable retirement age.
#Question
How do employer retirement plans typically support employees financially?
A.
Facilitate employee savings
B.
Provide guaranteed investment returns
C.
Offer contributions without employee input
D.
Lower taxes
Correct Answer:
A
Employer retirement plans, such as 401(k) plans, are structured to facilitate employee savings through various contributions.
#Question
What is one reason why it is essential to start saving for retirement early?
A.
To avoid paying taxes
B.
To increase spending
C.
To decrease risk
D.
To take advantage of compound interest
Correct Answer:
D
Starting to save early allows for compound interest to work, maximizing retirement savings over time.
Retirement Benefits (RET) Track
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