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Financial Planning Courses: Retirement

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1.
When you start saving for retirement early, you can ride out the various risks in the market better than you could if you started late.
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True. A long time horizon ultimately smooths out the effects of risk.
2.
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.
3.
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.
4.
All of us face the risk that we will not be able to live independently when we are older. There are many ways to handle the costs of this risk. A particular type of insurance that can help pay for these costs is called _______.
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Long-term care insurance. Long-term care insurance is a special form of insurance that covers the costs of care over many years.
5.
Social Security benefits are based on a number of things. Which of the following is NOT one of them?
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Your financial need. Financial need does not determine the benefits you get from Social Security. Your earnings and amount of time worked determine your benefits.