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Financial Planning Courses: Retirement

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1.
Social Security benefits are based on financial need.
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False. Anyone who pays Social Security taxes can collect Social Security benefits if they have enough credits.
2.
It is possible to have your employer add its own money to a retirement account.
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True. If you have a 401k plan, your employer might make contributions to it on your behalf. This is one reason 401k plans are so popular.
3.
When prices of goods and services rise over time and eat into your money's purchasing power, that is called _______ risk.
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Inflation. Inflation risk is the risk that rising prices will make it harder to buy the things you need.
4.
Budgeting your money can be easier if you learn to see it as a kind of _______.
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Reward. Just changing the way you think about it can make it easier to do.
5.
When determining your resources for retirement, what should you start with?
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Determine how much income you will get from your current sources of income. The other courses of action should start after this.