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Test your knowledge

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

Choose wisely. There is only one correct answer.

Medicaid

Medicare

Disability

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

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 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.

Long time horizons generally enable us to assume _______ short-term ones.

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More risk than

Less risk than

The same risk as

More risk than. Time reduces risk.

When determining your resources for retirement, what should you start with?

Choose wisely. There is only one correct answer.

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.

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