Exam 18: Starting Early: Retirement Planning

Besides Social Security, the federal government administers several other retirement plans for federal government and railroad employees.

Which of the following is typically a characteristic of a defined benefit plan?

Which federal law sets minimum standards for pension plans in private industry and protects more than 50 million workers?

Social Security covers what percent of all U.S. workers?

To boost demand for universal design homes, builders are marketing to families of all ages.

A defined-contribution plan has an individual account for each employee; therefore, these plans are also called individual account plans.

You can put your IRA funds in many kinds of investments, including stock, bonds, mutual funds, real estate, and U.S.-minted gold and silver coins.

The shift to defined-contribution plans has forced employees to take more responsibility for their retirement.

People born after 1928 need at least 60 quarters of coverage to qualify for Social Security benefits.

When a lender uses your house as collateral to buy an annuity for you from a life insurance company, it is called:

You can convert your traditional IRA to a Roth IRA.

Social Security should be the only source of your retirement income.

Which retirement plan is specifically designed for self-employed individuals and their employees?

Once you retire, the first step in stretching your retirement income is to make sure that you are:

If you work after 65, your Social Security benefits will neither increase nor decrease.

What is most likely to be an individual's single biggest asset?

Your Social Security payments will start at age 65 whether you apply for benefits or not.

Which type of housing is preferred by most persons who are approaching retirement?

Only saving now and curtailing current spending can ensure comfortable retirement later.

One of the misconceptions about retirement is that your expenses will drop when you retire.