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Portfolios 102: Determining Retirement Needs

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1.
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.
2.
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.
3.
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).
Choose wisely. There is only one correct answer.
False. You can find out now by sending for the "Social Security Statement" (Form SSA-7004) from the Social Security Administration (SSA).
4.
A list of retirement expenses will include many of the same things you spend money on right now.
Choose wisely. There is only one correct answer.
True. Some expenses, such as medical bills, may be higher in your later years.
5.
When calculating the expenses you will have during retirement, you should calculate them using _______.
Choose wisely. There is only one correct answer.
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.