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Retirement - College Prep Flashcards | StudBud
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Retirement - College Prep
Retirement - College Prep
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Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
When budgeting you should plan for inflation and unexpected costs
False
True
2
When does retirement begin?
70-77
40-47
60-67
50-57
3
Rental income is a valid source of income during retirement
False
True
4
Retirement is a major life transition
False
True
5
It is important to avoid isolation and boredom during retirement
False
True
6
Common mistakes in retirement include
claiming social security too late
underestimating expenses
not accounting for inflation
diversifying investments
7
What is social security
money
money saved in a bank that increases since birth
government funded returement benefit
saved money from all the years of working
8
Retirement planning reduces stress
True
False
9
Only 49% of seniors fund their retirement with social security
True
False
10
When planning for housing and location during retirement, you should
look to get away from family, healthcare, and recreation
look at retirement communities or assisted living
plan to buy a big house suitable for your liking
downsize or relocate for cost savings
11
When should you ideally start planning retirement?
30s
40s
Birth
20s
12
Difference between full-retirement and semi-retirement?
Full is reducing work hours or workload
Semi is doubling work hours or work load
Semi is reducing work hours or workload
Full is doubling work hours or work load
13
Once in retirement, you don't have to worry about maintaining a financial cushion
True
False
14
Retirement can be full or partial (semi-retirement)
False
True
15
Medicare starts at 55
False
True
