Saving For Retirement Jeopardy Template

Medicare and Social Security	Pensions, 401k, 403b	IRA	Miscellaneous
100 What is medicare? federal health insurance	100 What is a pension? retirement fund provided through an employer	100 What does IRA stand for? Individual Retirement Account
200 Why was Social Security created? to help with poverty during the Great Depression	200 What does tax-deferred mean? you do not have to pay taxes on the savings until you start to take them out.	200 What are required minimum distributions? money that must be withdrawn from your retirement account once you reach retirement age	200 What is a deductible? the amount you pay for a service before your insurance plan will pay for you
300 Explain what Medicare Part A is and what Medicare Part B is. part A: hospital insurance part B: medical insurance	300 What is the difference between 403b and 401k? 401k is typically for employees who work at for-profit organizations 403b is typically for employees who work at non-profit organizations/the government	300 Explain the difference between a Roth IRA and a traditional IRA. Roth IRAs require you to pay taxes upfront and/or Traditional IRAs require you to start making minimum distributions	300 What percentage of older Americans reported relying solely on Social Security income in retirement? 40%
400 What is the difference between defined contributions and defined benefit plans? Defined benefit plans guarantee a specific amount to be given back to the retiree Defined contribution plans do not guarantee a specific amount

Saving for Retirement

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