True or False--
EXPLAIN-
Quick true or false quiz to see if you have it suitable or not-
Everybody retire after a period of long services and get handsome self contributory funds and pension as social security. take a financial plan for ageing gracefully, stay sharp and also get chill. beware from investor/share Bazar/false broker and wrong short term leaps and bound commitment.
Q-1 Social Security increases the longer you wait to claim it.6 Way to Use Retirement Funds
Explain:-
(A)-It is possible to receive Social Security benefits starting at age 62, but that will decrease the size of your benefit by 20% to 30% of its maximum size. You can increase your benefit by working longer and waiting until after 65 to elect your benefits. Each year you work over age 65 (up to 70) can increase your benefit by as much as 8%.
(B) -It is possible to receive Social Security benefits starting at age 62, but that will decrease the size of your benefit by 20% to 30% of its maximum size. You can increase your benefit by working longer and waiting until after 65 to elect your benefits. Each year you work over age 65 (up to 70) can increase your benefit by as much as 8%.
Q-2 Health expenses won't eat into your retirement savings.
(A) Most people dramatically underestimate their healthcare expenses and overestimate how much help they will receive from Medicare. According to the 2021 Fidelity Retiree Health Care Cost Estimate, an average 65-year-old retired couple could need $ or more to cover health care expenses in retirement.
(B) Most people dramatically underestimate their healthcare expenses and overestimate how much help they will receive from Medicare. According to the 2021 Fidelity Retiree Health Care Cost Estimate, an average 65-year-old retired couple could need $ or more to cover health care expenses in retirement.
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| Retirement funds balance |
Take this quick true or false quiz to see if you have it figured out. How did you do? Regardless of how many questions you answered correctly, retirement is a complicated period of life to plan for -- and everyone’s situation is different. The bottom line is that proper planning can make the difference between a comfortable retirement spent travelling and visiting family, or constantly worrying about money.
It’s more important than ever to speak with a financial advisor to make sure your retirement plan is on track to achieve your financial goals.
It’s more important than ever to speak with a financial advisor to make sure your retirement plan is on track to achieve your financial goals.
Q-3 You can’t grow your savings without an investment or retirement account
ANSWER
1- Contributions to your company immediately lower your taxable income. Take a look at how much you’re making in contributions each year and compare that to how much you could be contributing. If you can afford to boost your contributions to the max, you should consider doing so. The same applies to traditional IRA accounts.
2-Do NOT leave money in a traditional account because you think interest rates are too low to make a difference. A high-interest account allows you to earn compound interest, while still having full access to your money. Say you’re 50 and want to retire at 65. If you open a high-interest account with $ earning 0.5% and contribute $1 a month, you’d end up with good$ more than $ in interest alone.-TRUE
Q-4 Maxing out retirement contributions lowers your tax burden
ANSWER
1-Contributions to your company immediately lower your taxable income. Take a look at how much you’re making in contributions each year and compare that to how much you could be contributing. If you can afford to boost your contributions to the max, you should consider doing so. The same applies to traditional IRA accounts. TRUE
2-Contributions to your company immediately lower your taxable income. Take a look at how much you’re making in contributions each year and compare that to how much you could be contributing. If you can afford to boost your contributions to the max, you should consider doing so. The same applies to traditional IRA accounts.
Q5-There’s a simplified financial advisor who will work in your best interest |
| How Much Money Do You Need to Re |
ANSWER
1-Simplifies the time-consuming process of finding a financial advisor. A short questionnaire helps match you with up to three local fiduciary financial advisors each, legally bound to work in your best interest. The whole process takes just a few minutes, and in many cases, you can be connected instantly with an expert for a free retirement consultation TRUE
2- This simplifies the time-consuming process of finding a financial advisor. A short questionnaire helps match you with up to three local fiduciary financial advisors each, legally bound to work in your best interest. The whole process takes just a few minutes, and in many cases, you can be connected instantly with an expert for a free retirement consultation.
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