Review For Retirement Test

Which is the BEST definition of retirement?

• When you choose not to work because you are 65 years old
• When you are too old to work--you have bad health or you physically unable to work anymore
• When you are not allowed to work because you have reached the maximum age for that job.
• When you choose to leave the workforce and live off of income or savings, not requiring active work
• When you choose to leave the workforce of your full time job and work part time.

Approximately how long ago was the idea of retirement first becoming an idea for society ?

• 50 years ago
• 100 years ago
• 150 years ago
• 200 years ago

How much does it cost to retire?

• At least 1 million in your retirement account
• At least 1/2 million or $500,000 in your retirement account
• Enough money to pay your current and future bills; live a life style of your personal choice
• There is no dollar amount--you want to retire, just retire!

Check ALL the boxes that are factors for planning for your retirement...what you should consider as to determine HOW MUCH money you will need for your retirement years...

• Age you plan to retire
• Life Expectancy Estimation
• Projected cost of living (current and future bills)
• Your plans for retirement--the life style you want to live...travel? retirement home at the beach? etc.

What is the STANDARD age of retirement

• 59.5 years old
• 60 years old
• 65 years old
• 70 years old

What year did Roosevelt sign the Social Security Trust Fund Act into law (originally)

There are 4 items used to calculate your social security benefits. What are they?

• If you worked at least 35 years full time/40 credits; How much you made using your highest 10 years of salary; Inflation; Age you choose to receive benefits.
• If you worked at least 20 years full time/10 credits; How much you made using your highest 35 years of salary; Inflation; Age you choose to receive benefits.
• If you worked at least 10 years full time/40 credits; How much you made using your highest 35 years of salary; Wage Increase; Age you choose to receive benefits.

• If you worked at least 10 years full time/20 credits; How much you made using your highest 10 years of salary; Inflation; Age you choose to receive benefits.
• If you worked at least 35 years full time/40 credits; How much you made using your highest 35 years of salary; Inflation; Age you choose to receive benefits.

At what age can you receive social security benefits if your spouse passes away and you are eligible? only enter the number for age

What is the earliest you can receive social security benefits without having to qualify for exceptions. Enter the number for age only

At what age do you qualify for full benefits from social security? Enter the number for age only