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Financial Planning Courses: Retirement

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1.
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.
2.
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.
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.
It is possible to have your employer add its own money to a retirement account.
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True. If you have a 401k plan, your employer might make contributions to it on your behalf. This is one reason 401k plans are so popular.
5.
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.