Choose wisely. There is only one correct answer to each question.
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1.
To find out how much Social Security benefits you are entitled to, you must wait until shortly before retirement to contact the Social Security Administration (SSA).
False. You can find out now by sending for the "Social Security Statement" (Form SSA-7004) from the Social Security Administration (SSA).
2.
Many believe that you will need _______ of your pre-retirement income to survive in retirement.
65-75 percent. Although estimates certainly vary, this figure is commonly accepted.
3.
When calculating the expenses you will have during retirement, you should calculate them using _______.
Inflation-adjusted dollars. Prices rise over time due to inflation; you must therefore adjust your expenses for inflation. An inflation table factor or a financial calculator can help you do that.
4.
Once retired, you will not need to pay taxes.
False. In most cases, you will continue to have to pay taxes.
5.
A list of retirement expenses will include many of the same things you spend money on right now.
True. Some expenses, such as medical bills, may be higher in your later years.
