1. Keogh and IRA plans allow people to do all of the following except
A.save money each year for retirement.
B.withdraw money from their accounts at the end of every year without penalty.
C.establish their own pension plans.
D.defer taxation of the interest they earn on their accounts.
Yes, you are correct. The answer to the question is B. Keogh and IRA plans allow people to save money each year for retirement, establish their own pension plans, and defer taxation of the interest they earn on their accounts. However, individuals generally cannot withdraw money from their accounts at the end of every year without penalty. Withdrawals from these types of retirement accounts are typically subject to certain rules and restrictions, including potential early withdrawal penalties.
