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Benefits Intermediate: How to Contribute to Retirement Plans

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1.
Employee contribution limits to employer retirement plans are subject to yearly adjustments for _______ every year.
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Inflation. Contribution limits rise based on inflation.
2.
Jennifer is self-employed, operating a graphic design studio out of her home. She recently established the following type of employer retirement plan:
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Keogh. A Keogh is available to people who are self-employed or who work for an unincorporated business.
3.
Catchup contributions to employee retirement plans are normally allowed for whom?
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Employees 50 or older. Catchup contributions allow older workers to save extra money for their retirement.
4.
When you resign or retire from your job, your employer may continue to make contributions to your retirement plan.
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False. Your plan is tied to your employment, so employer contributions cease when you leave the organization.
5.
Your employer must make a contribution to your retirement account if you participate in a _______.
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SIMPLE IRA. If your employer offers a SIMPLE IRA, it generally must match your contribution up to 3 percent of your compensation.