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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Unit 4 Challenges 2

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Q 1.• Rohan, an accountant, chooses to participate in his company's defined contribution plan instead of a traditional IRA or a Roth IRA. His company will match the first 5% of what Rohan contributes. Is Rohan's decision productive? Why or why not? 2. Which of the following people can withdraw earnings from a traditional IRA without paying the 10% penalty? 3. Anthony and his son Nithin are co-owners of a brokerage account. The property title is such that the ownership of the brokerage account transfers automatically to the other in case of death. Which type of property title do they have? 4. Which of the following statements is true of the residual clause in a will? 5. • Which of the following statements is true of a health care proxy?

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1. A defined contribution plan is a retirement account that is funded primarily by the employee. Some employers will match the employee's contribution based on the amount the employee contributes to the plan, making it a productive choice. 2. If any money is taken from a traditional IRA account before age 59½, then a 10% penalty will generally be assessed. Exceptions to the 10% penalty exist, for example, if the money is used for the purchase of a new home, to fund qualified education expenses, due to death or disability, to pay health insurance premiums while unemployed, or if you roll the money over to another retirement account.