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Financial Planning Courses: Retirement

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1.
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. Social Security is a national program that is paid for through special taxes on workers' earnings.
2.
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.
3.
A financial planning professional can help you manage your money in retirement.
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True. Find one who shares your concern with longevity risk.
4.
People who retire early have less time to get their finances together than those who retire at normal retirement age do, and will likely need more money to fund their retirement.
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True. This is because they will have to fund their retirement over more years than a person who retires at an older age.
5.
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.