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Retirement Beginner: The Language of Retirement Planning

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1.
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.
2.
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.
3.
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.
4.
A _______ is the taking of funds from a plan before one is allowed to.
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Premature distribution. A distribution taken before one is eligible is a premature withdrawal or premature distribution.
5.
Qualified retirement plans are those that receive special tax benefits.
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True. That is what "qualified" means.
6.
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.