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Retirement Beginner: The Language of Retirement Planning

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1.
A qualified retirement plan is one that receives _______ benefits.
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Tax. It usually means a deferral of taxes until some later date.
2.
Within how much time must a retirement plan rollover occur if it is to avoid federal taxes?
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Sixty days. This requirement is written into IRS law.
3.
Premiums are used to figure out how much a variable annuity will pay its holder.
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False. Annuity units are used for this purpose.
4.
Which retirement plan is set up for those who work in charitable organizations?
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403(b). The 401(k), IRA, and SIMPLE are used in for-profit businesses.
5.
If you are bound by contract to take withdrawals under certain conditions, you are under a distribution _______.
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Requirement. You are not always bound under plans and options.
6.
Which of the following cannot be used to fund an individual retirement account?
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Collectibles. As a rule, collectibles cannot be used to fund IRAs.