Financial Alg -- Ch. 10 -- Retirement

In order to retire with full SS benefits, someone born when you were will have to be

• 64

• 65

• 66

• 67

In 2016, the maximum taxable income for SS was $118500, and tax rate was 6.2%. What is the max you would have paid in 2016?

• 8250

• 7347

• 73470

• Impossible to tell without more info

Mitch opened a retirement account that has an annual yield of 2.2% compounded monthly. He is planning on retiring in 13 years. How much must he deposit into that account each year so that he can have a total of $1,000,000 by the time he retires? Round to the nearest $10,000 dollars. (PRESENT VALUE)

• 50000

• 5000

• 6000

• 70000

Circuit Tech offers their employees a flat pension plan in which a predetermined dollar amount (multiplier) is multiplied by the number of years of service to determine the monthly benefit, as shown in chart. After working for 23 years, what is Jane's pension?

• 1196

• 1311

• 1380

• 690

Reece opens a retirement account with an APR of 4.1%, compounded monthly. He is planning to retire in 15 years. About how much will he have in the account when he retires if he deposits $750 a month? (FUTURE VALUE)

• 186084.60

• 405595.80

• 1000000

• 2.07

If Lindsey's pension is $1,325, and she has a COLA of 1.8%, what is her pension amount for year 2?

• 23.85

• 1348.85

• 2385

Jordan's employer offers a annual pension plan that is the product of the career average of his salaries while working there, the number of years of service, and a 1.4% multiplier. His average over 20 years is 64,000. What is the monthly pension?

• 17920

• 1493

• 64000

• 896

How many social security credits do you need over a lifetime to qualify for Social Security?

• 4

• 40

• 30

• 44

At what age can you retire and get full Social Security benefits?

• 65

• 62

• 66

• 67

A person or persons who receive money at your death from a life insurance policy, chosen by policy holder.

• Winner!

• beneficiary

• heir

• Agent