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Financial Planning Courses: Retirement

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1.
The government has done its part to help you save for retirement by _______.
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Allowing you to set up tax-deferred retirement accounts. Accounts such as 401(k) plans and individual retirement accounts (IRAs) grow tax-deferred.
2.
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.
3.
Many retirement plans are tax-deferred. What does tax-deferred mean?
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The earnings that build up in them are not taxed until you start making withdrawals. This enables your retirement plan to grow more every year.
4.
Long time horizons generally enable us to assume _______ short-term ones.
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More risk than. Time reduces risk.
5.
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.