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Portfolios 102: Determining Retirement Needs

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1.
An inflation table factor tells you _______.
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How much you will need to earn in the future to stay even with inflation. You can find this figure in special tables.
2.
Many professionals in the retirement field believe that you will need about two-thirds of your pre-retirement income to survive in retirement.
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True. Estimates vary, but two-thirds is commonly accepted.
3.
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.
4.
A defined contribution plan provides you _______ at retirement.
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A lump sum of money. You are given a lump sum of money, but you can convert it into an annuity if you wish.
5.
Once retired, you will not need to pay taxes.
Choose wisely. There is only one correct answer.
False. In most cases, you will continue to have to pay taxes.