Lesson 13 Personal Finance

What type of annuity is purchased by people of retirement age? immediate
Reduced Social Security benefits are available to the retiree at age 62
Which one of the following expenditures for retirees is likely to increase? health insurance
Which type of annuity gives more income per dollar of outlay than any other type? straight life annuity
How many years can the average person expect to spend in retirement? 14 to 20 years
Which employer retirement plan specifies the benefit promised to the employee at the normal retirement age? a defined benefit plan
You can determine your net worth by subtracting your liabilities from your assets
An annuity in which you receive an income for the rest of your life, but no payments are made to anyone after your death is called straight life annuity
Which of the following is the most widely used source of retirement income? social security
Which one of the following expenditures for retirees is likely to decrease? federal income taxes
Which one of the following expenditures for retirees is likely to decrease? clothing expenses
Some retirement planning experts suggest that you start planning while you are in high school
Which federal law sets minimum standards for pension plans in private industry and protects more than 50 million workers? the Employee Retirement Income Security Act
Which retirement plan is specifically designed for self-employed individuals and their employees? Keogh Plan
An investment vehicle that systematically pays out benefits over an extended period of time is annuities
Which of the following is not an advantage of the Social Security retirement income? cost shared with employer
Which employer pension plan has an individual account for each employee? a defined contribution plan
Which statement is correct regarding retirement living expenses? The exact amount of money you will need is impossible to predict
Your first step in retirement planning is to analyze your current assets and liabilities

Leave a Reply

Your email address will not be published. Required fields are marked *