Choose wisely. There is only one correct answer to each question.
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1.
Imagine that you just retired. If your living expenses are $30,000 a year now, how much will you need to maintain your current standard of living 20 years from now?
More than $30,000. Because of inflation, it is a good chance you will need much more in 20 years to maintain your current lifestyle.
2.
People who retire early have less time to get their finances together than those who retire at normal retirement age do, and will likely need more money to fund their retirement.
True. This is because they will have to fund their retirement over more years than a person who retires at an older age.
3.
If you determine that your retirement resources will not meet your anticipated needs, what is the "least" effective remedy for the problem?
Plan to retire earlier. The earlier you retire, the greater the strain on your resources. Either plan to retire lateror start building your income resources.
4.
When determining your resources for retirement, what should you start with?
Determine how much income you will get from your current sources of income. The other courses of action should start after this.
5.
To help save Social Security, we may have to _______.
All of the above. All of these options may be necessary.