Saving For Retirement 1 Jeopardy Template

Medicare and Social Security	Pensions, 401k, 403b	IRA	Miscellaneous
100 medicare What is federal health insurance mostly provided to those 65 years or older?	100 retirement fund provided through an employer What is a pension?	100 Individual Retirement Account What does IRA stand for?	100 deductible What is the amount you pay for a service before your insurance plan will pay for you?
200 to deal with poverty and increased life spans Why was Social Security created?	200 you do not have to pay taxes on the savings until you start to take them out. What does tax-deferred mean?	200 money that must be withdrawn from your retirement account once you reach retirement age What are required minimum distributions?	200 Defined benefit plans guarantee a specific amount to be given back to the retiree Defined contribution plans do not guarantee a specific amount What is the difference between defined contributions and defined benefit plans?
300 part A: hospital insurance part B: medical insurance Explain what Medicare Part A is or what Medicare Part B is.	300 401k is typically for employees who work at for-profit organizations 403b is typically for employees who work at non-profit organizations/the government What is the difference between 403b and 401k?	300 Roth IRAs require you to pay taxes upfront and/or Traditional IRAs require you to start making minimum distributions Explain the difference between a Roth IRA and a traditional IRA.	300 40% What percentage of older Americans reported relying solely on Social Security income in retirement?

Saving for Retirement

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