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General Info about Retirement
Social Security
Understanding ROTH
Different Retirement Plans
Miscellaneous
100

The youngest age you can retire and receive benefits from the government 

62 years

100

What is the average amount people collected from social security in 2021?

$1543

100
In a ROTH account, when is the money taxed?
When you put the money into the account
100
What plan lets you collect a regular paycheck in your retirement years?
Pension
100

Which would make you more money?  

a. Investing $10,000 in a Roth IRA now and never contributing to it again for 45 years.

b. Investing nothing for 40 years and then investing $10,000 a year for 5 years? 

Answer a. makes $319,204.49

Answer b. makes $73,359.06

200

Which teachers at MHS are retiring this year?

Mr. and Mrs. Wear

200
Who pays for Social Security?
The Government / Taxpayers
200

What is the minimum age you can contribute to a Roth IRA and what is the limit on the amount you can contribute?

Kids of any age can contribute to a Roth IRA as long as they have earned income equal to what is contributed.

200

Where does Hayden Cobb work

McDonalds

200

DOUBLE JEOPARDY

If you invest $1000 initially and then continue adding $200 a month for 40 years in the stock market (assume 8% interest), will you have over or under $500,000


300

What state was Ms. Hannon born in?

Massachusetts

300
Social Security is designed for people who are disabled or __________
Retired/Elderly
300
When you "cash in" your ROTH IRA do you have to pay a tax during withdrawal?
NO
300
What is the most common type of retirement account?
401k
300

We have been using 8% in our growth calculations.  What percent did the stock market grow in 2020?

More than 16%

400

What is the full retirement age in the U.S. if you are born later than 1960?

67

400
When do you have to pay taxes on social security?
If you are still working, have a pension, 401k or IRA
400

What is the difference between a ROTH IRA and a regular IRA?

ROTH taxes the money as you put it in, and regular taxes the money when you take it out

400

Who decides what funds to invest your IRA in?

You do!

400

What does REIT stand for?

Real Estate Investment Trust

500
Who decides the retirement age?
Government
500
What percentage of social securities benefits can a person collect at age 62?
70%
500
Is a ROTH IRA sponsored by an employer?
NO
500

Why can't Warren Buffet or Elon Musk invest in a Roth IRA?

The Roth IRA is limited to single people making under $140,000 and married couples making under $208,000.


500

What type of funds have the lowest expense ratios?

Index Funds