What is Retirement?

What is the definition of retirement? Fill in the blank: Retirement is the action or fact of leaving one's job and ________ to work.

• ceasing

• continuing

• returning

• starting

What is the traditional retirement age in the United States?

• 60

• 62

• 65

• 66

What is the full retirement age for Social Security benefits in the United States?

• 62

• 65

• 66

• 70

What is Social Security?

• A state program for education

• A federal program in the United States that provides retirement, disability, and survivor benefits to eligible individuals.

• A private insurance plan

• A health care program

Social Security is funded through _________.

• payroll taxes

• property taxes

• sales taxes

• inheritance taxes

Benefits from Social Security are based on an individual's earnings history and the age they choose to start receiving benefits.

• True

• False

What does IRA stand for?

• Individual Retirement Account

• International Revenue Association

• Investment Risk Assessment

• Internal Revenue Agreement

An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis.

• True

• False

Who can choose the securities to invest in inside your IRA?

• A financial institution, or yourself

• Only the government

• Only your employer

• Only a stockbroker

Fill in the blank: One type of IRA is the ________ IRA.

• Traditional

• Savings

• Premium

• Retirement