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Portfolios 102: Determining Retirement Needs

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1.
Many believe that you will need _______ of your pre-retirement income to survive in retirement.
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65-75 percent. Although estimates certainly vary, this figure is commonly accepted.
2.
A list of retirement expenses will include many of the same things you spend money on right now.
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True. Some expenses, such as medical bills, may be higher in your later years.
3.
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.
4.
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.
5.
A defined contribution plan provides you a lump sum of money at retirement.
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True. If you like, you can use this money as retirement income that is steadily spread out.