Question 10: Match each retirement plan with the correct matching statement.
401(k)
403(b)
SIMPLE IRA
DROP HERE
DROP HERE
DROP HERE
Payroll Deduction IRA
DROP HERE
The simplest retirement plan, often used by self-
employed individuals
Referred to as a Tax-Sheltered Annuity Plan and
available only to employees of specific Institutions or
organizations
A defined-contribution retirement plan with a tax-deferred,
set amount withheld each pay period
A retirement plan designed for small business employees

401(k) and 403(b) are employer-matched defined-contribution plans, while SIMPLE IRA is for small business employees with an employer match of up to 3% of wages.

Explanation:

401(k): A defined-contribution retirement plan where the employer often matches the employee's contributions.

403(b): Referred to as a Tax-Sheltered Annuity Plan, available to specific employees, especially in non-profit organizations.

SIMPLE IRA: A retirement plan designed for small business employees, with an employer match of up to 3% of gross wages.

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