Employer Plans
This type of employer plan promises a fixed monthly payout after retirement based on your wages and years of service.
Defined Benefit Plan
What federal program provides retirement income, disability, and survivor benefits funded by FICA taxes?
Social Security
This type of IRA allows tax-deductible contributions but taxed withdrawals in retirement.
Traditional IRA
In a defined contribution plan, who bears the investment risk, the employee or the employer?
The employee
At what age can you start claiming full Social Security benefits if you were born after 1960?
67
Which type of IRA lets you withdraw tax-free in retirement because you already paid taxes on your contributions?
Roth IRA
What is the most common defined contribution plan offered by private employers?
401(k) plan
What 2025 law eliminated the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO)?
The Social Security Fairness Act
Name one retirement plan designed for self-employed individuals.
SEP IRA, SIMPLE IRA, or Solo 401(k)