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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.
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).
3.
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.
4.
An inflation table factor tells you _______.
Choose wisely. There is only one correct answer.
How much you will need to earn in the future to stay even with inflation. You can find this figure in special tables.
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.