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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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Inflation risk

Longevity risk

Healthcare costs risk

Long-term care risk

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.

Why should you start thinking about your retirement years while you are still young?

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Your health might be poor in your elder years.

You will need enough money to last for the rest of your life.

They could be a large portion of your life.

All of the above

All of the above. All of these are reasons why you should get an early start on planning for your retirement.

Retirees will always need less money to live on than working people.

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True

False

False. Health problems and lifestyle changes may increase a person's income needs in retirement.

Which retirement plan is paid for by taxes on your earnings as opposed to you making contributions to it?

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Social Security

Individual retirement account

401k

All of the above

Social Security. Social Security is a national program that is paid for through special taxes on workers' earnings.

If you are over 65 and you qualify for Social Security, you also qualify for _______.

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Medicaid

Medicare

Disability

Medicare. Medicare is a health insurance program for those over 65.

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