AFK AFK Retirement Planning 2

Question 1

Which Social Security claiming strategy maximizes lifetime benefits for a healthy individual expected to live well beyond average life expectancy?

Accepted Answer

Delaying until age 70

Answer

Claiming at age 62

Answer

Claiming at full retirement age

Answer

Claiming spousal benefits only

Question 2

What is the maximum employee elective deferral limit for a 401(k) plan in 2024?

Accepted Answer

$23,000

Answer

$20,500

Answer

$22,500

Answer

$25,000

Question 3

In a 403(b) plan, who is the typical eligible employer?

Accepted Answer

Tax-exempt organizations and public schools

Answer

Private for-profit corporations

Answer

Self-employed individuals

Answer

Federal government agencies

Question 4

What does vesting in a 401(k) employer match refer to?

Accepted Answer

The employee's ownership of employer-contributed funds over time

Answer

The employee's right to direct investments

Answer

The annual contribution limit set by the IRS

Answer

The tax treatment of plan distributions

Question 5

Which retirement plan is specifically designed for self-employed individuals and small business owners with no employees other than a spouse?

Accepted Answer

Solo 401(k)

Answer

SIMPLE IRA

Answer

457(b)

Answer

Pension Benefit Guaranty plan

Question 6

Under the Social Security full retirement age rules, what is the full retirement age for individuals born in 1960 or later?

Accepted Answer

67

Answer

65

Answer

66

Answer

66 and 10 months