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Financial Planning Courses: Retirement

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1.
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.
2.
Which type of retirement account would you set up and manage on your own?
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Individual retirement account. IRAs are accounts for individuals and are typically not related to one's job.
3.
Who has the best chance of getting the most from growth and compounding of one's money?
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A 20-year-old. As a rule, the younger you are when you start saving for your retirement, the more you will gain from the growth and compounding of your money.
4.
Retirees will always need less money to live on than working people.
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False. Health problems and lifestyle changes may increase a person's income needs in retirement.
5.
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.