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Social Security is a program that pays benefits for _______.

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Healthcare needs

Retirement

Food

Retirement. Social Security is a retirement program.

Which type of retirement account would you set up and manage on your own?

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Individual retirement account

401k

Social Security

403b

Individual retirement account. IRAs are accounts for individuals and are typically not related to one's job.

Why should you start thinking about your retirement years while you are still young?

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Your health might be poor in your elder years.

You will need enough money to last for the rest of your life.

They could be a large portion of your life.

All of the above

All of the above. All of these are reasons why you should get an early start on planning for your retirement.

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.

Over a long period, inflation reduces what a person with a fixed income can afford to buy.

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True

False

True. Financial planners suggest that you begin saving for retirement as early as possible to offset the effects of inflation.

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