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Portfolios 102: Determining Retirement Needs

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1.
By examining your present mode of living and making adjustments, you can determine your retirement needs.
Choose wisely. There is only one correct answer.
True. By looking at your present lifestyle, you can determine what you will need to live on in retirement.
2.
A defined contribution plan provides you a lump sum of money at retirement.
Choose wisely. There is only one correct answer.
True. If you like, you can use this money as retirement income that is steadily spread out.
3.
When calculating the expenses that you will have during retirement, what is the problem with expressing them in today's dollars?
Choose wisely. There is only one correct answer.
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.
4.
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.
5.
Your expenses in retirement will be the same amount that they are today.
Choose wisely. There is only one correct answer.
False. While you will have the same kinds of expenses, the amounts will shift.