Learn Mode

Retirement Savings Plans and Regulations Quiz

#1

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

401(k)
Explanation

Pre-tax contributions

#2

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

$6,000
Explanation

Maximum contribution limit under 50

#3

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

$6,000
Explanation

Maximum contribution limit for Roth IRA under 50

#4

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

$19,500
Explanation

Maximum contribution limit

#5

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

SEP IRA
Explanation

Self-employed and small business owners

#6

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

10%
Explanation

Early withdrawal penalty

#7

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

$7,000
Explanation

Catch-up contribution limit

#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?

Roth IRA
Explanation

Tax-free withdrawals with conditions

#9

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

Roth IRA
Explanation

No mandatory withdrawals at age 72

#10

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

50%
Explanation

Penalty for not taking RMDs

#11

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

59½
Explanation

Penalty-free withdrawals under SEPP

#12

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

Defined Benefit Plan
Explanation

Employer contributions only

#13

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

72
Explanation

Age for mandatory RMDs

Test Your Knowledge

Craft your ideal quiz experience by specifying the number of questions and the difficulty level you desire. Dive in and test your knowledge - we have the perfect quiz waiting for you!