Assess Yourself
Are you ready to take this lesson's quiz? The questions below will help you find out. Make sure you understand why each correct answer is correct—if you don't, review that part of the lesson.
What is the most important thing to do to prepare for retirement?
- Spend money and enjoy life before retirement.
- Create a retirement plan with goals.
- Travel around and decide where to retire.
- Create smart goals for buying a house.
Preparing for retirement includes setting goals, saving for retirement, and implementing a strategy.
Preparing for retirement includes setting goals, saving for retirement, and implementing a strategy.
Preparing for retirement includes setting goals, saving for retirement, and implementing a strategy.
Preparing for retirement includes setting goals, saving for retirement, and implementing a strategy.
What percentage of your income do experts recommend you put away in a retirement plan?
- 15%
- 50%
- 5%
- 25%
By starting early, you take advantage of compound interest which allows your money to grow faster over time.
By starting early, you take advantage of compound interest which allows your money to grow faster over time.
By starting early, you take advantage of compound interest which allows your money to grow faster over time.
By starting early, you take advantage of compound interest which allows your money to grow faster over time.
Which government program provides income to those who are retired or on disability and is funded by taxes taken from everyone's paycheck?
- Medicaid
- 401k
- IRA
- Social security
This program provides retirement income through taxes paid by employees during their working career.
This program provides retirement income through taxes paid by employees during their working career.
This program provides retirement income through taxes paid by employees during their working career.
This program provides retirement income through taxes paid by employees during their working career.
At what age are you eligible to collect the maximum Social Security retirement payout?
- 65
- 70
- 62
- 67
Social Security provides retirement income through taxes paid by employees during their working career. The longer you delay payment, the more you can collect.
Social Security provides retirement income through taxes paid by employees during their working career. The longer you delay payment, the more you can collect.
Social Security provides retirement income through taxes paid by employees during their working career. The longer you delay payment, the more you can collect.
Social Security provides retirement income through taxes paid by employees during their working career. The longer you delay payment, the more you can collect.
Which government program provides health insurance to those who are over 65 or on disability and is funded by taxes taken from everyone's paycheck?
- Social Security
- IRA
- 401k
- Medicare
You are automatically enrolled in this program at the age of 65 and it is funded by taxes taken out of paychecks.
You are automatically enrolled in this program at the age of 65 and it is funded by taxes taken out of paychecks.
You are automatically enrolled in this program at the age of 65 and it is funded by taxes taken out of paychecks.
You are automatically enrolled in this program at the age of 65 and it is funded by taxes taken out of paychecks.
Alaina's grandmother has managed to save $500,000 for retirement, and she plans to withdraw 4% per year for living expenses. How many years will the $500,000 last?
- 5 years
- 20 years
- 15 years
- 25 years
$500,000 `$ \times $` 4% = yearly amount; $500,000 ÷ yearly amount = number of years the money will last.
$500,000 `$ \times $` 4% = yearly amount; $500,000 ÷ yearly amount = number of years the money will last.
$500,000 `$ \times $` 4% = yearly amount; $500,000 ÷ yearly amount = number of years the money will last.
$500,000 `$ \times $` 4% = yearly amount; $500,000 ÷ yearly amount = number of years the money will last.
Summary
Questions answered correctly:
Questions answered incorrectly:
