Chapter 12 Lesson 5 Planning for Retirement

What is the primary purpose of retirement planning?

• To determine the age at which you can retire

• To figure out how much money you’ll need in retirement and create a plan to achieve it

• To decide which country to retire in

• To plan for vacations during retirement

At what age can you start taking Social Security payments, albeit at a reduced amount?

• 55

• 60

• 62

• 67

What percentage of millionaires attribute their success to consistent investing over a long period of time?

• 50%

• 60%

• 75%

• 90%

What is the full retirement age for anyone born after 1960 according to Social Security?

• 60

• 62

• 65

• 67

What percentage of your income from when you were working is Social Security meant to replace?

• 20%

• 40%

• 60%

• 80%

Which of the following is NOT a common source of income during retirement?

• Retirement Accounts and Investment Returns

• Social Security

• Lottery Winnings

• Real Estate

What is the first step in estate planning?

• Buying a new house

• Creating a will

• Investing in stocks

• Planning a vacation

What is the benefit of waiting until age 70 to start taking Social Security benefits?

• You get 50% of the monthly benefit

• You get 75% of the monthly benefit

• You get 100% of the monthly benefit

• You get 125% of the monthly benefit

What is a key factor in achieving compound growth for retirement savings?

• Winning the lottery

• Starting early and saving consistently

• Relying solely on Social Security

• Spending all your income

What percentage of millionaires worked with an investment professional to achieve their net worth?

• 50%

• 68%

• 75%

• 90%