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Portfolios 102: Determining Retirement Needs

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1.
When calculating the expenses that you will have during retirement, what is the problem with expressing them in today's dollars?
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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.
2.
A list of retirement expenses will include many of the same things you spend money on right now.
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True. Some expenses, such as medical bills, may be higher in your later years.
3.
By examining your present mode of living and making adjustments, you can determine your retirement needs.
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True. By looking at your present lifestyle, you can determine what you will need to live on in retirement.
4.
A defined contribution plan provides you a lump sum of money at retirement.
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True. If you like, you can use this money as retirement income that is steadily spread out.
5.
Once retired, you will not need to pay taxes.
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False. In most cases, you will continue to have to pay taxes.