Choose wisely. There is only one correct answer to each question.
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1.
To help save Social Security, we may have to _______.
All of the above. All of these options may be necessary.
2.
Why is it necessary to consider what inflation will do to your income?
The effects of inflation will require that you use more money to maintain your current standard of living. If you want to keep up your current level of comfort, you will need to assess the impact of inflation on your nest egg.
3.
The government has done its part to help you save for retirement by _______.
Allowing you to set up tax-deferred retirement accounts. Accounts such as 401(k) plans and individual retirement accounts (IRAs) grow tax-deferred.
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.
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.