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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.
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True. By looking at your present lifestyle, you can determine what you will need to live on in retirement.
2.
Your expenses in retirement will be the same amount that they are today.
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False. While you will have the same kinds of expenses, the amounts will shift.
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.
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).
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False. You can find out now by sending for the "Social Security Statement" (Form SSA-7004) from the Social Security Administration (SSA).
5.
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.