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Chapter16 - year are 4 3 Are income taxes paid on your...

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Matt Serna Mr. McKenzie Personal Finance December 12, 2010 Chapters 16 1. What are you purchasing with your payroll tax to social security? How will your benefits be paid for in 40 years? a. You are purchasing mandatory insurance, provided to your family in case something should happen to you such as death, disability, ect. In 40 years my benefits may not be paid, social security might be different by then. 2. How many credits do you need to qualify for social security benefits? How are credits earned? How many can you earn each year? a. You need 40 credits to qualify, credits are earned by simply paying money in the system, the maximum amount of credits you can earn per
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Unformatted text preview: year are 4. 3. Are income taxes paid on your social security benefits? a. Yes 4. What is meant by the term “rollover”? a. The term roll over means that if the money in an account is not fully withdrawn by the age of 30 the money can be rolled over in a younger siblings account. 5. Timing is so essential to retirement. If you want to have a huge account number when your older, your going to want to time the market as well as you can. Its all about timing, you cant start saving when your 50 you will be working the rest of your life....
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