EPF, Module 15: Funds/Retirements (Independent)

Multiple Choice

Which of the following is a primary reason people save for retirement?

• To ensure financial security after they stop working

• To pay for daily expenses

• To buy a new car every year

• To avoid paying taxes

Open Ended

Why is it important to plan for retirement funds early in life?

Open Ended

How does investing help you meet your retirement goals?

Multiple Choice

What are some key factors that can impact how much money you need to save for retirement?

• Inflation, lifestyle choices, and healthcare costs

• The color of your car

• Your favorite food

• The number of pets you have

Open Ended

How much would you need to save monthly to have $1 million when you retire?

Fill in the Blank

According to the data, if you contribute $160 monthly over a 40-year period, how much will you have saved for retirement?

Multiple Select

What are some reasons why most Americans cannot rely on Social Security alone for retirement? Select all that apply.

• Social Security payments may not cover all living expenses

• The program was not designed to be the sole source of retirement income

• Social Security benefits can be reduced or delayed

• Social Security provides unlimited funds

Multiple Choice

Which of the following statements about Social Security is correct?

• It was signed into law by President Franklin D. Roosevelt in 1935.

• It was created in 1920.

• It is only for people under 30.

• It guarantees full retirement for everyone.

Multiple Choice

What is the main concern illustrated by the image showing a worried person, Uncle Sam with scissors, and the U.S. Capitol building?

• Rising taxes and government spending cuts

• Celebrating a national holiday

• A new law being passed

• A sports event at the Capitol

Open Ended

Based on the Retirement Savings Goal worksheet assignment, what might be some drastic lifestyle changes individuals not on track for retirement may need to make?

Open Ended

How much savings do you need to retire?

Multiple Choice

Which of the following statements are true about early retirement, as described in the slides?

• Some people retire in their 30s without trust funds or inheritances.

• Everyone retires after working 30 years.

• Early retirement is only possible with a large inheritance.

• Most people who save for retirement retire at age 65.

Multiple Choice

What percentage of the U.S. population are millionaires?

• 6.7%

• 1.5%

• 10%

• 20%

Fill in the Blank

How many millionaires are there in the United States?

Multiple Choice

What is one of the most popular retirement investment accounts to start with if you want to invest for retirement?

• 401(k)

• Roth IRA

• Savings Account

• Certificate of Deposit

Multiple Select

Which of the following are benefits of opening a personal retirement account like an IRA?

• Tax advantages

• Employer matching

• Flexible investment choices

• Penalty-free early withdrawals

Open Ended

Compare the main differences between an IRA and a 401(k) as retirement investment options.

Multiple Choice

If your employer does not offer a 401(k), what is another type of retirement account you can open to get similar benefits?

• IRA

• 529 Plan

• Health Savings Account

• Money Market Account

Open Ended

Why might someone choose an IRA over a 401(k) for their retirement savings?

Fill in the Blank

What does IRA stand for in the context of retirement accounts?

Multiple Choice

Which of the following is most important when planning for retirement?

• Starting to save early

• Spending all your income

• Ignoring investment options

• Relying only on social security

Open Ended

What is one key concept you learned about funds or retirement planning in this module?

Open Ended

Do you think you can become a millionaire? If so, what is your plan to accomplish it?