If you have earned income, which of the following retirement devices must you contribute to, by law?

Question

Question 5 options:

A)

Pension plan

B)

IRA

C)

Social security (FICA)

D)

Vesting plan

Answer 1

The correct answer is:

C) Social security (FICA)

By law, individuals who earn income must contribute to Social Security through payroll taxes (FICA - Federal Insurance Contributions Act). The other options are voluntary or subject to employer plans and do not have a legal requirement for contribution.