How are social security retirement benefits determined

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Reference no: EM131942871

1. Which of the following represents mutual funds showing the progression of risk from lowest to highest?

A) International, bond, growth, growth and income, money market

B) Money market, bond, growth and income, growth, international

C) Bond, growth, international, money market, growth and income

D) Growth and income, growth, bond, money market, international

E) Money market, growth and income, bond, international, growth

2. Social Security is characterized by all of the following except:

A) pay as you go financing through FICA taxes

B) an accounting “Trust Fund”

C) insurance against outliving your savings

D) retirement benefits for all workers

E) poverty alleviation for targeted groups

3. What is the difference between a ROTH IRA and traditional IRA in terms of the federal income tax treatment of qualified contributions and distributions in retirement?

A) ROTH IRA contributions are tax free but distributions are taxed; Traditional IRA distributions are tax free at withdrawal but contributions are taxed

B) ROTH IRA contributions and distributions are taxed; Traditional IRA contributions and distributions are not taxed

C) ROTH IRA contributions and distributions are tax free; Traditional IRA contributions are not taxed but distributions are taxed

D) ROTH IRA distributions are tax free only; Traditional IRA distributions are tax free at withdrawal only

E) ROTH IRA contributions are taxed but distributions are not taxed; Traditional IRA contributions are tax free but distributions are taxed

4. How are Social Security retirement benefits determined?

A) It depends on the number of credits a person’s parents have earned in their lifetime.

B) It depends on the level of income a person has averaged over their lifetime.

C) It depends on how many years you have paid in Social Security taxes.

D) All of the above are correct.

E) Both B and C are correct

Reference no: EM131942871

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