Retirement Planning Quiz

What is one of the reasons why retirement planning is important?

• It increases your expenses during post-working years

• It ensures you have to rely solely on Social Security Income

• It provides financial security for post-working years

• It increases your taxable income as you save

How can retirement planning affect your children?

• It ensures they will take care of you

• It prevents you from becoming a burden to your children

• It guarantees financial support from your children

• It has no impact on your children

Why might Social Security Income be insufficient for retirees?

• It is designed to cover all expenses

• It often isn’t enough to live on

• It increases with the cost of living

• It is only available for a limited time

What financial benefit can retirement planning have on your taxes?

• It eliminates the need to pay taxes

• It increases the amount of taxes you pay

• It has no effect on your taxes

• It may reduce your taxable income as you save

Which of the following is NOT a consideration listed for retirement planning in the material provided?

• Investment strategies

• Risk tolerance

• Lifestyle upon retirement

• Type of account used to save

What should be estimated as part of retirement planning according to the material provided?

• Current expenses

• Estimated expenses during retirement

• Vacation expenses

• Education expenses

What is one of the factors to consider when planning for retirement as mentioned in the material?

• Political climate

• Time frame to invest

• Favorite hobbies

• Preferred brands

What is the first step in retirement planning according to the image?

• Review Assets

• Conduct a Financial Analysis

• Set Long-Term Goals

• Invest in Stocks

What is the second step in retirement planning as mentioned in the image?

• Set Long-Term Goals

• Review Assets

• Invest in Bonds

• Conduct a Financial Analysis

According to the image, what is the third step in retirement planning?

• Conduct a Financial Analysis

• Set Long-Term Goals

• Review Assets

• Create a Savings Plan