Planning Beginner: Working and Living in Retirement

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1.
You should wait until you retire to plan your budget because you can't know now what your expenses will be.
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False. Waiting until you retire to plan your budget is a huge mistake, particularly since you will need money saved to afford retirement.
2.
Why would a 60-year-old feel more urgency about planning for retirement than a 20-year-old would?
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A 60-year-old has less time to build up a nest egg. This is what creates the sense of urgency.
3.
Many people aim to supplement their retirement income with what percentage of their preretirement income?
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25%. This is because as a retiree, they have Social Security and retirement savings income to rely on as well.
4.
Social Security benefits can be taken as early as age 62 only if one stops working entirely.
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False. It is not necessary to stop working in order to take early benefits.
5.
Most people who work in retirement do so for the money.
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True. While there are other reasons to retire, most do so for the income.
6.
What is perhaps the most important consideration for a rewarding life after retirement?
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For an interesting and fulfilling retirement, stay busy with many and varied activities. Start planning now with a list of specific activities that you can build upon.