Question

Which of the following retirement plans places a maximum amount that an individual can contribute to the fund in a given year at $5,000?
a.

401(k)

b.

Tax-Deferred Annuity

c.

Pension

d.

IRA

Answer 1

Answer:

The correct answer option is d. IRA.

Explanation:

An IRA (Individual Retirement Account) facilitates you to save the money for retirement in a taxation advantaged manner.

An IRA is an account which can be set up at some financial institution which allows an individual to save for the retirement with a taxation free growth.

Therefore, IRA retirement plans places a maximum amount that an individual can contribute to the fund in a given year at $5,000.

Answer 2

$\boxed{{\text{IRA}}\left( {{\text{Individual Retirement Account}}} \right)}$ places a maximum amount that an individual can contribute to the fund in a given year at $\ 5000$. Option (d) is correct.

Further Explanation:

Given:

The options are as follows,

(a). 401(k)

(b). Tax Deferred Annuity

(c). Pension

(d). IRA

Explanation:

${\text{401}}\left( {\text{k}} \right)$ is a retirement plan that permits employees of a firm to invest in their retirement. This type of retirement is tax deferred.

Tax-deferred annuity is a type of investment used by employees in planning their retirement. In this type of retirement the annuity matures tax-free till the age of retirement.

Pension is a series of payments made after retirement.

${\text{IRA}}\left( {{\text{Individual Retirement Account}}} \right)$ is a tax deferred individual retirement plan.

$\boxed{{\text{IRA}}\left( {{\text{Individual Retirement Account}}} \right)}$ places a maximum amount that an individual can contribute to the fund in a given year at $\ 5000$. Option (d) is correct.

Option (a) is not correct.

Option (b) is not correct.

Option (c) is not correct.

Option (d) is correct.

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Answer details:

Grade: High School

Subject: Mathematics

Chapter: Credit Risk

Keywords: Yoko, buying, car, local car, dealership, lowest interest rate, possible, asking nicely, credit history, positive credit history, loan, license, outstanding.