Which are reasons not to depend on Social Security as a retirement plan? Choose all that apply. The Social Security tax is "pay as you go." There is no money in "your account." You cannot collect full retirement benefits until you are 65. The average monthly payout is only $2000 per month.
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- An Individual Retirement Account (IRA) is an account in which the saver does not pay income tax on the amount deposited but is not allowed to withdraw the money until retirement. (The saver pays income tax at that point, but his or her tax bracket is much lower then.)Marlene Silva wishes to have an IRA that will be worth $100,000 when she retires at age 65. (Round your answers to the nearest cent.) (a) How much must she deposit at age 34 at 8 3/8% compounded daily? $ (b) If, at age 65, she arranges for the monthly interest to be sent to her, how much will she receive each thirty-day month?What happens if you withdraw funds from a traditional IRA before age 59 ? You earn a bonus. You incur a significant penalty. You have just made a required disbursement. You add to your retirement assets.Which of the statements concerning retirement accounts is true? Since Roth IRAs are funded with post‑tax dollars, they are never as attractive as pre‑tax traditional IRAs. Contributions to personal retirement accounts remain the property of the individual or heirs, but Social Security payments are transferred to others. Individuals can allocate the funds in IRAs, 401(k)s, Roth IRAs, and Social Security accounts according to their risk preferences. Individuals do not pay income tax on Social Security contributions, but there are no tax benefits tied to personal retirement accounts.
- .A self-employed person deposits $3,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 8 percent. How much additional money will be in the account if the saver defers retirement until age 70 and continues the contributions?A self employed person deposit $1,250 annually in a retirement account that earns 5.5 percent. What will be the account balance at age 62 if the savings program starts when the individual is age 50? How much additional money will be in the account if the saver defers retirement until age 66 and continue the annual contribution until then? How much additional money will be in the account if the saver discontinues the contributions at age 62, but let's it build up until retirement at age 66?Sam has a retirement plan that pays him $25,000 a year for the remainder of his life. Which of the following is a true statement about this? O A. This is an annuity. O B. This is not an annuity because the payments are not equal. OC. This is not an annuity because we do not know how much Sam gets paid a month. O D. This is not an annuity because it is not for a predefined period
- What is the main benefit of investing in a 401k, IRA, or other retirement account? Multiple Choice The earnings grow without being taxed yearly. The employer matches the employee’s contributions. The employee receives additional tax deductions yearly. The earnings are tax free once withdrawn. These accounts always end up being worth more than the initial contributions.A client needs assistance with retirement planning. Here are the facts: The client, Dave, is 21 years old. He wants to retire at 65. Dave has disposable income of $2,000 per month. The IRA Dave has chosen has an average annual return of 8%. Question 1. If Dave contributes half of his disposable income to the account, what will it be worth at 65? Question 2. How much would he need to contribute to have $5,000,000 at 65?A 401(k) plan is a retirement plan offered by many companies. Such plans are tax-deferred savings vehicles, meaning that any deposits you make into the plan are deducted from your current pretax income, so no cur- rent taxes are paid on the money. For example, assume your salary will be $50,000 per year. If you contribute $3,000 to the 401(k) plan, you will only pay taxes on $47,000 in income. There are also no taxes paid on any capital gains or income while you are invested in the plan, but you do pay taxes when you withdraw money at retirement. As is fairly common, the company also has a 5 percent match. This means that the company will match your contribution up to 5 percent of your salary, but you must contribute to get the match. CHAPTER 10 Risk and Return: Lessons from Market History 313 PART 3 Risk and Return The 401(k) plan has several options for investments, most of which are mutual funds. A mutual fund is a portfolio of assets. When you purchase shares…
- Personally Established Retirement Accounts These days, almost anyone can open personal, tax-sheltered retirement accounts whether or not they're enrolled in a plan at work. Terms and provisions vary among plans, so it pays to do some homework before deciding which is best for your circumstances and goals. To help you focus on the aspects of different plans, answer the following questions. Madeline is a sole proprietor. She wants to create a retirement plan that requires the least amount of setup and maintenance effort. What type of plan is Madeline most likely going to open? SEP-IRA О Кеogh Chun is a small-business owner. She wants to create a profit-sharing or money-purchase retirement plan. What type of plan is Chun most likely going to open? SEP-IRA О Кеogh Alison is 58 years old and opened a traditional IRA when she was 53. Alison earns less than $100,000 per year. Her contribution for this year is $7,000. This contribution is made entirely with: pretax dollars. O after-tax…If Sarah invests in the normal savings account, her net value (after taxes) five years from now will be: $?George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42, 640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: C) What would be his weekly take-home pay with the retirement contribution deducted? D) What would be his weekly take-home pay without the retirement contribution?
