Retirement Savings Plans and Regulations Quiz

Test your knowledge on retirement plans! Explore contribution limits, penalties, and advantages of various retirement savings options.

#1

Which retirement savings plan allows individuals to contribute money on a pre-tax basis?

Traditional IRA
Roth IRA
401(k)
SEP IRA
#2

What is the maximum annual contribution limit for a Traditional IRA in 2024, for individuals under the age of 50?

$5,000
$6,000
$7,000
$8,000
#3

What is the maximum annual contribution limit for a Roth IRA in 2024, for individuals under the age of 50?

$5,000
$6,000
$7,000
$8,000
#4

What is the maximum annual contribution limit for a 401(k) plan in 2024?

$6,000
$10,000
$19,500
$25,000
#5

Which retirement savings plan is specifically designed for self-employed individuals and small business owners?

Traditional IRA
Roth IRA
SEP IRA
401(k)
#6

What is the penalty for early withdrawal from a retirement account before the age of 59½ in the United States?

10%
15%
20%
25%
#7

What is the catch-up contribution limit for individuals aged 50 and older in a 401(k) plan in 2024?

$5,000
$6,000
$7,000
$8,000
#8

Which retirement plan allows for tax-free withdrawals if certain conditions are met, such as being held for at least five years and the account holder being at least 59½ years old?

Traditional IRA
Roth IRA
SEP IRA
403(b)
#9

Which of the following retirement plans does not require mandatory withdrawals starting at age 72 in the United States?

Traditional IRA
Roth IRA
401(k)
403(b)
#10

What is the penalty for failing to take the required minimum distributions (RMDs) from a retirement account?

10%
15%
20%
50%
#11

At what age can individuals make penalty-free withdrawals from a retirement account under the substantially equal periodic payments (SEPP) rule?

59½
55
50
62
#12

Which retirement plan allows for employer contributions only, with no employee contributions permitted?

Traditional IRA
Roth IRA
403(b)
Defined Benefit Plan
#13

What is the age at which individuals must start taking required minimum distributions (RMDs) from their retirement accounts in the United States?

55
59½
65
72

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