Question

If you work your entire life, then you will be adequately prepared for retirement, even without a retirement plan in place.

True - False

403(b) plans are offered by various corporations.
True - False

IRA stands for Important Retirement Assets.
True - False

It is always good to invest in a retirement account at a young age so you can use the money to pay for a down payment on a house.
True - False

Answer 1

all are False

Step-by-step explanation:

1. Working in the US does nothing to ensure you will have an adequate retirement benefit. Social security may provide a little income, but usually won't pay the rent.

2. 403(b) plans may be offered by some tax-exempt organizations--not by corporations. Corporations may offer a 401(k) plan.

3. IRA stands for "Individual Retirement Account."

4. It is a good idea to invest in a retirement account at a young age so you can take advantage of interest compounding. Using the money for anything other than retirement is not recommended.