Retirement 4/25/24

What is the best way to save for retirement and know you will have enough money when you retire.

• Start saving as young as possible and make sure it goes into a traditional savings account.
• Start saving when you have a lot of extra money.
• Start saving at a young age and research the best ways for you to gain money through compound interest.

This is a way to increase the amount of money you have by putting it into financial products.

• Investing
• Compounding
• Working

This will make a deposit or loan grow at a faster rate than simple interest, which is interest calculated only on the principal amount.

• Investing
• Compounding
• Working

If you divide your savings into different types of accounts to reach savings goals you are

• Investing.
• Compounding.
• diversifying.

What is considered the age of retirement

• 55
• 65
• 75

If you start saving for retirement early, compound interest will make it easier to reach the recommended retirement goal.

• True
• False

These two retirement plans are through your employer.

• Pension and Traditional 401(K)
• Traditional IRA and Roth IRA

These two retirement plans you set up yourself through a bank or broker and add to it.

• Pension and Traditional 401(K)
• Traditional IRA and Roth IRA

Choose the best answer. How much money you have for retirement will depend on......

• How much money you put into your retirement, length of time and different interest rates.
• how long you work and what age you retire.
• How many savings accounts you have.

It is not a person's responsibility to save for retirement? Their boss will always handle it.

• True
• False