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Financial Planning Courses: Retirement

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1.
When calculating your future retirement income needs, you must consider inflation.
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True. After you have adjusted for inflation, you will have a true picture of the amount of income available for living purposes.
2.
If you live longer than expected, you may face a number of different risks associated with your elder years. Which risk refers specifically to living longer than expected?
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Longevity risk. Longevity risk is the risk that you will live longer than is expected. It can lead to a lot of challenges if it is not planned for.
3.
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.
4.
Social Security benefits are based on the best 10 years of your lifetime earnings.
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False. Social Security retirement benefits are based upon your lifetime earnings recorded with the Social Security Administration.
5.
Which type of retirement account would you set up and manage on your own?
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Individual retirement account. IRAs are accounts for individuals and are typically not related to one's job.