Test your IRA knowledge by answering True or False to the statements below, and then click the button to see how you did!
1. You are unable to contribute to an IRA if you have reached the maximum contribution limit in your 401(k).
2. You can contribute to both a Roth IRA and a Traditional IRA in the same year.
3. A married couple filing jointly can combine their IRA funds into a jointly funded spousal IRA.
4. You can start taking funds from your IRA at age 62, the same age you can begin to collect Social Security.
5. The annual deadline to contribute to an IRA is December 31.
6. A Traditional IRA will give you tax benefits now while a Roth IRA will provide you with tax benefits in retirement.