Book Opener

Consider the key terms in the list below. Then use these terms tocomplete the following exercises.401(k) planvestingportabilityIndividual RetirementAccount (IRA)Keogh Planwilltestatebequestdeviseheircodicilintestateexecutor/executrix1. Write a letter to a relative, and make recommendations to himor her about saving for retirement and making a will. Use asmany of the key terms as possible in your letter. Make sure toemphasize the benefits of starting a retirement savings plan asearly as possible.2. Exchange letters with a partner and write a response to yourpartner’s letter. Be sure to correct any mistaken or confusing usesof the key terms.3. Save your letter, and share it with your relative.Self-Check Quiz Visitthe UnderstandingBusiness and PersonalLaw Web site atubpl.glencoe.com andclick on Chapter 36:Retirement and Wills—Self-Check Quizzes toprepare for the chapterexam.Answer the following questions. Refer to the chapter for additional reinforcement.4. How do you become eligible for social security benefits?5. Saving for your retirement is extremely important. What might be the advantages ofcontributing to a contributory retirement plan? What might be the disadvantages?6. What are the requirements to be “of sound mind”?7. In general, how much of an estate is a surviving spouse entitled to when his or herspouse dies?8. What is the difference between an executor/executrix and anadministrator/administratrix?Chapter 36: Retirement and Wills 787