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LET’S PRACTICE
18. T F SEP and SIMPLE IRAs are set up by small business employers on behalf of employees.
1 PT ___
1 PT ___
19. According to the Department of Labor up to ___% of retirement income is spend on medical costs that are not covered by __________. a. 10; Social Security c. 30; a 401K b. 5; an IRA d. 20; Medicare 20. Each of the following statements are true about a reverse mortgage EXCEPT: a. it is a financial arrangement whereby a homeowner borrows against the equity in their home. b. over time it depletes an owner’s equity in their home c. it is a potential source of income and financial relief for a retiree d. payments received by the homeowner are taxed PRODUCT PREVIEW
1 PT ___
SCORE: ____ / 26 PTS
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 195
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