Smart Strategies for Retirement Planning

What is the primary goal of retirement planning?

• To save money for a vacation

• To ensure financial security during retirement

• To buy a new car

• To pay off student loans

Which of the following is a common retirement savings account in the United States?

• Health Savings Account (HSA)

• 401(k) Plan

• Certificate of Deposit (CD)

• Savings Bond

At what age can you typically start withdrawing from a 401(k) plan without penalty in the United States?

• 55

• 59 ½

• 62

• 65

Which of the following is a benefit of starting to save for retirement early?

• Higher interest rates

• More time for compound interest to grow your savings

• Lower taxes

• Guaranteed returns