Series 6 Exam Question Set – Retirement Plans

🧾 Series 6 Exam Question Set – Retirement Plans
📘 Sharpen Your Skills on Qualified Plans, Contributions, and Suitability

The Series 6 exam focuses on packaged securities such as mutual funds, variable contracts, and retirement plans. This question set will help you test your understanding of retirement accounts, contribution rules, tax treatment, and product suitability—topics frequently tested on the exam.

✅ Instructions

• Answer each question as if under exam conditions.
• Target pace: ~1 minute per question.
• Answers with explanations are listed below the set.

🔢 Question Set: Retirement Plans

1. Which of the following individuals is eligible to contribute to a Traditional IRA?

A) A retired individual with no earned income
B) A 45-year-old with self-employment income
C) A high-net-worth individual over age 75
D) A minor with only investment income

2. Contributions to a Roth IRA are:

A) Tax-deductible and grow tax-free
B) Made with after-tax dollars and grow tax-deferred
C) Made with after-tax dollars and may be tax-free upon qualified distribution
D) Made only by employers for the benefit of employees

3. Which of the following retirement plans allows for both employer and employee contributions?

A) Roth IRA
B) SEP IRA
C) Traditional IRA
D) 401(k)

4. An investor wants to make the maximum allowable contribution to their Roth IRA. What is the 2025 income phase-out range for single filers?

A) $129,000–$144,000
B) $146,000–$161,000
C) $153,000–$168,000
D) $165,000–$180,000

5. A 59-year-old investor makes an early withdrawal from their Traditional IRA without a qualifying exemption. What penalties apply?

A) Income tax only
B) 10% penalty only
C) Both income tax and a 10% penalty
D) No penalties apply

6. Which of the following is TRUE about required minimum distributions (RMDs)?

A) Roth IRAs require RMDs starting at age 73
B) Traditional IRA RMDs start at age 59½
C) RMDs apply to employer-sponsored plans like 401(k)s after age 73
D) RMDs are only required for high-income taxpayers

7. An investor is in a 35% tax bracket. They want to defer taxes and lower their current taxable income. Which product is MOST suitable?

A) Roth IRA
B) Variable annuity
C) Traditional IRA
D) Growth stock mutual fund

8. Which of the following is a characteristic of a 403(b) plan?

A) It is available to any self-employed individual
B) It is offered by nonprofit and public school employers
C) It does not allow for salary deferrals
D) It only permits employer contributions

9. A client wants a retirement account that allows for tax-free distributions in retirement. Which is most appropriate?

A) Traditional IRA
B) SIMPLE IRA
C) Roth IRA
D) 401(k)

10. Which of the following is a major risk of investing in a variable annuity within a retirement account?

A) Loss of principal
B) Double taxation
C) Lack of professional management
D) Early withdrawal restrictions

🧠 Answer Key + Explanations

1. ✅ B – Must have earned income (wages or self-employment income) to contribute.
2. ✅ C – Roth IRA contributions are made after-tax and may be withdrawn tax-free in retirement if qualified.
3. ✅ D – 401(k) plans allow both employee salary deferrals and employer matching contributions.
4. ✅ C – For 2025, Roth IRA income phase-out for single filers is $153,000–$168,000.
5. ✅ C – Early withdrawals from a Traditional IRA are subject to income tax + 10% penalty.
6. ✅ C – RMDs apply to 401(k)s and Traditional IRAs starting at age 73 (per SECURE 2.0 Act).
7. ✅ C – A Traditional IRA offers both tax-deferred growth and potential deductible contributions.
8. ✅ B – 403(b) plans are for public schools and tax-exempt organizations.
9. ✅ C – Roth IRA allows for tax-free qualified distributions.
10. ✅ B – Retirement accounts are already tax-deferred; adding a variable annuity could result in no additional benefit and possible double taxation on gains.

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Master retirement plans, ace the exam, and build your foundation in financial services!