Retirement Planning and Savings

What is the main reason the video suggests for planning for retirement?

• To write memoirs

• To travel the world

• To ensure a comfortable lifestyle

• To avoid working in old age

According to the AARP, how much should one save to replace a $40,000 per year income for 30 years?

• $400,000

• $120,000

• $2 million

• $1.18 million

What percentage of Americans over 55 have no retirement savings at all?

• 75%

• 50%

• 28%

• 10%

What are the three special ingredients mentioned for saving up large amounts of money?

• Savings Accounts, CDs, and Mutual Funds

• Real Estate, Stocks, and Bonds

• High Salary, Low Expenses, and Investments

• Good Markets, Compound Interest, and Time

How much does Betty save annually for her retirement?

• $5,000

• $7,500

• $10,000

• $15,000

By the time Betty is 65, how much will her $262,500 have grown to, assuming a 7.5% growth rate?

• $1,000,000

• $750,000

• $500,000

• $1,277,158.92

What might older individuals need to do if they are starting late with their retirement savings?

• Save 10% of their paycheck

• Save 15% of their paycheck

• Save 5% of their paycheck

• Save 20-25% of their paycheck

Who can help outline a retirement plan that fits individual needs?

• A real estate agent

• A stockbroker

• A financial planner who is a sworn fiduciary

• A bank teller

Ben is 24 and wants to start saving for retirement. What can he do to set himself up for success?

• Wait until his 30s to start investing
• Invest 10-15% of his monthly salary
• Invest primarily in low-risk investments like bonds
• Delay his expected retirement age by 20 years

When planning for retirement, you need to determine

• how much money you need to live in a nursing home or retirement center.

• how much money you want your children to inherit.

• how much money you will need and how many years you will need it.

• where you plan to live after you quit working.