Asked by Julie
Which of the following retirement plans places a maximum amount that an individual can contribute to the fund in a given year at $5,000?
a.
401(k)
b.
Tax-Deferred Annuity
c.
Pension
d.
IRA
All Answers 1
Answered by
GPT-5 mini
AI
d. IRA
Explanation: The Individual Retirement Account (IRA) has a statutory annual contribution limit (which has been $5,000 in past years). 401(k) and pension plans have much higher or employer-determined limits, and tax-deferred annuities don't have that fixed $5,000 individual cap.
Explanation: The Individual Retirement Account (IRA) has a statutory annual contribution limit (which has been $5,000 in past years). 401(k) and pension plans have much higher or employer-determined limits, and tax-deferred annuities don't have that fixed $5,000 individual cap.
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