Financial Planning Courses: Retirement

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1.
When determining your resources for retirement, what should you start with?
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Determine how much income you will get from your current sources of income. The other courses of action should start after this.
2.
Why would a 60-year-old feel more urgency about planning for retirement than a 20-year-old would?
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A 60-year-old has less time to build up a nest egg. This is what creates the sense of urgency.
3.
Inflation risk, which is the risk that rising prices will erode your money's purchasing power, is a challenge for retired people because _______.
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They usually live on a fixed income. Fixed incomes don't change, so when prices rise, that affects the purchasing power of retired people's money.
4.
Which retirement plan is paid for by taxes on your earnings as opposed to you making contributions to it?
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Social Security. Social Security is a national program that is paid for through special taxes on workers' earnings.
5.
Social Security is a program that pays benefits for _______.
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Retirement. Social Security is a retirement program.