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Questions and Answers
Which of the following statements about an individual retirement account (IRA) is correct?
Which of the following statements about an individual retirement account (IRA) is correct?
- An IRA provides certain tax advantages. (correct)
- An IRA is a short-term savings account.
- An IRA can only be used by individuals without earned income.
- An IRA is only available to individuals over the age of 65.
Who can use an individual retirement account (IRA)?
Who can use an individual retirement account (IRA)?
- Only individuals without earned income.
- Individuals with earned income. (correct)
- Only individuals over the age of 65.
- Only individuals with a high income.
What is the purpose of an individual retirement account (IRA)?
What is the purpose of an individual retirement account (IRA)?
- To save for short-term expenses.
- To provide immediate financial assistance.
- To invest in high-risk stocks.
- To save for retirement and enjoy tax advantages. (correct)
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