Retirement Beginner: Women and Retirement

Test your knowledge

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

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Review your answers below to learn more.

Which of the following is true about 55-and-over communities?

Moving to a 55-and-over community usually means you are moving to a smaller home.

These communities are built in no-school zones.

The activities you love are free to community residents.

Moving to a 55-and-over community usually means you are moving to a smaller home. This can make a big difference in the taxes you currently pay.

At age 65 and older, a single woman is at more risk of living in poverty than a married woman is.

True

False

True. Married women are less likely to live in poverty.

Which of the following is a true statement?

The premium for secondary life insurance can be deducted from Social Security payments.

Secondary insurance covers expenses paid for by Medicare.

Secondary insurance covers the co-payment not covered by Medicare.

Secondary insurance covers the co-payment not covered by Medicare. Your portion of a doctor's bill not covered by Medicare, or your co-insurance portion, can be covered by secondary insurance.

If you retiree at full retirement age and continue to work, how much is cut from your retirement benefit?

Nothing is cut from your retirement benefit, starting with the month you reach full retirement age.

One dollar is cut from every two over the limit.

One dollar is cut from every three over the limit.

Nothing is cut from your retirement benefit, starting with the month you reach full retirement age. If you retire early, one dollar is cut from every two over the limit if you retire early.

Which of the following is false?

A woman may have lower Social Security income because she entered the workforce late to raise children.

A woman may have lower retirement benefits than a man because of the gender gap.

A woman may have lower retirement benefits because she retired before she was vested.

A woman may have lower retirement benefits because she retired before she was vested. She would have no retirement benefits unless she waits until she is vested to retire.