Home > Planning > Beginner
Planning Beginner: Working and Living in Retirement

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
When you start saving for retirement early, you can ride out the various risks in the market better than you could if you started late.
Choose wisely. There is only one correct answer.
True. A long time horizon ultimately smooths out the effects of risk.
2.
Many people aim to supplement their retirement income with what percentage of their preretirement income?
Choose wisely. There is only one correct answer.
25%. This is because as a retiree, they have Social Security and retirement savings income to rely on as well.
3.
Social Security benefits can be taken as early as age 62 only if one stops working entirely.
Choose wisely. There is only one correct answer.
False. It is not necessary to stop working in order to take early benefits.
4.
You should wait until you retire to plan your budget because you can't know now what your expenses will be.
Choose wisely. There is only one correct answer.
False. Waiting until you retire to plan your budget is a huge mistake, particularly since you will need money saved to afford retirement.
5.
Starting a business after one retires can be an ideal choice for many retirees. Why?
Choose wisely. There is only one correct answer.
All of the above. Experience, knowledge, and connections can all add up for older people wanting to strike out on their own.
6.
Many people work during retirement _______.
Choose wisely. There is only one correct answer.
All the above. These are all reasons why many people continue working during their retirement years.