help please no chatgpt used 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.

The social security tax is " pay as you go" . This statement is CORRECT. The Social Security tax is…

Answered: Which are reasons not to depend on…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter13: Investment Fundamentals

Section13.5: Four Safe And Effective Strategies For

Problem 6CC

See similar textbooks

Similar questions

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?
Which of the following statements is currently true:
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.
Give typing answer with explanation and conclusion . True or False: A Roth IRA is an employer-sponsored retirement account in which contributions are made with before-tax dollars, and your money grows tax-deferred until you make withdrawals in retirement.
You will earn money each year off your tax-deferred retirement accounts without having to pay taxes until the funds are withdrawn. True False
.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…
How much disposable income?

SEE MORE QUESTIONS

Recommended textbooks for you

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

Pfin (with Mindtap, 1 Term Printed Access Card) (…

Finance

ISBN:

9780357033609

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

Pfin (with Mindtap, 1 Term Printed Access Card) (…

Finance

ISBN:

9780357033609

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SEE MORE TEXTBOOKS

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.