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1.
Many professionals in the retirement field believe that you will need about two-thirds of your pre-retirement income to survive in retirement.
True. Estimates vary, but two-thirds is commonly accepted.
2.
When calculating the expenses that you will have during retirement, what is the problem with expressing them in today's dollars?
Your expenses in retirement may be different than they are now. Most expenses will increase due to inflation and should therefore be adjusted for it.
3.
Before you retire, you must cover your current expenses, your taxes, and savings for future needs. In retirement, however, what will you need to cover?
Only current expenses and taxes. Saving for the future is not necessary, although some people do it for extra income.
4.
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).
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.
