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Portfolios 102: Determining Retirement Needs

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1.
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.
2.
Your list of expenses for retirement should leave room for taxes.
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True. You want to be prepared at tax time.
3.
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.
4.
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.
5.
Many believe that you will need _______ of your pre-retirement income to survive in retirement.
Choose wisely. There is only one correct answer.
65-75 percent. Although estimates certainly vary, this figure is commonly accepted.