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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.
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.
3.
If you work for a for-profit company, which retirement plan might it offer?
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401k. If a for-profit company offered a retirement plan, it would offer 401k plans, but not the others mentioned.
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.
All of us face the risk that we will not be able to live independently when we are older. There are many ways to handle the costs of this risk. A particular type of insurance that can help pay for these costs is called _______.
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Long-term care insurance. Long-term care insurance is a special form of insurance that covers the costs of care over many years.