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Financial Planning Courses: Retirement

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1.
Inflation risk, which is the risk that rising prices will erode your money's purchasing power, is a challenge for retired people because _______.
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They usually live on a fixed income. Fixed incomes don't change, so when prices rise, that affects the purchasing power of retired people's money.
2.
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.
3.
Budgeting your money can be easier if you learn to see it as a kind of _______.
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Reward. Just changing the way you think about it can make it easier to do.
4.
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. The other courses of action should start after this.
5.
Social Security is a program that pays benefits for _______.
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Retirement. Social Security is a retirement program.