Chapter 13: Retirement Planning (USA) Quiz

1 point(s)

What is the primary funding source for Social Security in the United States?

Sales tax

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Payroll taxes collected under FICA

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Property tax

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Income tax

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1 point(s)

Which age is typically considered the full retirement age for Social Security benefits?

60

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62

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65

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66-67

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1 point(s)

What is the recommended percentage of income to save annually for retirement, according to The Motley Fool?

5%

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10%

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15%

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20%

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1 point(s)

Delaying Social Security benefits until age 70 increases the monthly benefit amount compared to taking it at full retirement age.

True

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False

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1 point(s)

Relying solely on Social Security is generally sufficient for a comfortable retirement.

True

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False

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3 point(s)

Definition

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A foundational source of income for retirees, providing benefits based on earnings history
Employer-sponsored retirement plan where contributions may be matched by the employer
Individual Retirement Account with tax advantages for retirement savings

Social Security

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401(k)

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IRA	Correct Incorrect Correct answer

3 point(s)

Definition

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Aim to save at least 15% of your income annually for retirement
Take full advantage of retirement accounts like 401(k)s and IRAs
Make additional contributions to retirement accounts if you are age 50 or older

Save 15% a year

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Maximize retirement accounts

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Take advantage of catch-up contributions

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1 point(s)

Arrange these steps in the correct order for retirement planning:

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1 point(s)

Rank these retirement income sources from most to least reliable:

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1 point(s)

How can diversifying your retirement income sources improve financial security in retirement?

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Chapter 13: Retirement Planning (USA) Quiz