Retirement Planning for Self-Employed Individuals Quiz
Test your knowledge on retirement planning options for self-employed individuals. Explore SEP IRAs, catch-up contributions, RMDs, and more.
#1
Which retirement account is specifically designed for self-employed individuals?
401(k)
Roth IRA
SEP IRA
Traditional IRA
#2
What is the penalty for early withdrawal from a retirement account before the age of 59½?
#3
Which retirement plan allows for loans against the account balance?
Roth IRA
SEP IRA
Solo 401(k)
SIMPLE IRA
#4
What is the maximum contribution limit for a SEP IRA in 2024?
$6,000
$19,500
$58,000
$100,000
#5
Which retirement plan allows catch-up contributions for individuals aged 50 and older?
401(k)
SIMPLE IRA
SEP IRA
Solo 401(k)
#6
Which retirement plan allows for both employer and employee contributions?
SEP IRA
Solo 401(k)
Roth IRA
Traditional IRA
#7
What is the deadline for self-employed individuals to establish and fund a SEP IRA for the previous tax year?
April 15th
October 15th
December 31st
The tax filing deadline, including extensions
#8
Which retirement plan offers the highest contribution limits for self-employed individuals?
Solo 401(k)
SEP IRA
SIMPLE IRA
Roth IRA
#9
Which retirement plan allows for contributions beyond the age of 70½?
Solo 401(k)
SEP IRA
SIMPLE IRA
Traditional IRA
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