Although it's nice to think about the money coming in from your paycheck, it's also a good idea to consider where some of it can go. If your company offers a plan, and you've thought about saving for retirement, see how much you know about 401(k) accounts with this quiz.
At what age can you begin withdrawing money from a 401(k) account?
55 years old
59 years old
59 and a half years old
Which of the following is NOT an advantage of a 401(k) plan?
Your contributions are deducted from your paycheck before taxes.
Withdrawals made before you reach six months past age 59 are taxed as income.
401(k) plans are protected from creditors.
What is the federal 401(k) contribution limit per year if you're under age 50?
$15,000 per year
$17,500 per year
$19,000 per year
How many employees participate in a 401(k) plan in the U.S.?
What percentage of your salary should you put into a 401(k) plan throughout your career?
On average, how much will companies match on a 401(k)
20 cents for every dollar
35 cents for every dollar
50 cents for every dollar
What's a good way to determine how much of your portfolio should include stock investment?
subtract your age from 100
subtract your age from 110
pick a random number
What happens to your 401(k) if you switch jobs?
Your former employer cuts you a check for what you've saved so far.
There's a six month period where you can't contribute.