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What’s Your Financial IQ?
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With the right knowledge, you can better manage your financial future.
What is a good use for an emergency fund?
A dream vacation
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Hint:
There are three choices here that are tempting and that could be an appropriate way to spend your savings, but may not be the best use of an emergency fund. Think of an emergency fund as your safety net for unplanned expenses.
x
Next Question
Correct!
A car repair is a good use for an emergency fund.
!
Car repair
Holiday gifts
A new wardrobe
B.
C.
A.
D.
A new wardrobe
Car repair
Holiday gifts
A dream vacation
Next Question
Correct!
The best answer is: Whatever is best for you. While some retirement experts suggest saving 10-15% of your pretax income, your contribution amount should be aligned with your unique financial needs and retirement goals.
!
2%
5%
10%
Other amount (none of the above)
How much of your paycheck should you save for retirement?
D.
C.
B.
A.
Other amount (none of the above)
5%
10%
2%
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Hint:
Even though your plan may allow withdrawals before you retire, doing so may result in tax penalties. Consider checking with a tax expert before taking any action to help you make an informed decision.
x
Complete
Correct!
Generally, an employee can withdraw their contributed money from a retirement account without a tax penalty at age 59 ½.
!
At what age can an employee generally withdraw their contributed money from a retirement account without a tax penalty?
59 ½
50
60
72
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Hint:
Even though your plan may allow withdrawals before you retire, doing so may result in tax penalties. Consider checking with a tax expert before taking any action to help you make an informed decision. Also, note: at the latest, you generally have to start taking withdrawals from your retirement account when you reach age 72.
x
x
D.
C.
B.
A.
72
50
60
59 ½
