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A financial planning professional can help you manage your money in retirement.

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True

False

True. Find one who shares your concern with longevity risk.

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

False

True. A long time horizon ultimately smooths out the effects of risk.

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.

Calculate how much Social Security you could receive now.

Create an annual income stream.

Adjust for inflation.

Determine how much income you will get from your current sources of income. The other courses of action should start after this.

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

Your average lifetime earnings

The amount of time you've worked

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.

Many retirement plans are tax-deferred. What does tax-deferred mean?

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The earnings are taxed at the end of the year.

Nothing in the retirement plan is taxed, ever.

The earnings that build up in them are not taxed until you start making withdrawals.

None of the above

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.

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