Test 6 - Retirement.

Please read each statement carefully, then indicate if it is "True" or "False". When done, click on the button "Check Answers".

 

1. Start preparing in advance for a debt free retirement by preparing an investment plan.

True  False
 

2. The best strategy to grow your money and stay debt free is to make consistent investments over a long period of time.

True False

 

3. Most people do not see the necessity of retirement planning.

True False

 

4. You do not need to think in terms of future dollar when you plan for retirement.

True False

 

5. Failing to consider the effect of inflation may leave a very sizeable gap in your retirement funds.

True  False

 

6. Annuities offer several advantages such as earnings from annuities grow tax free until withdrawn at retirement.

True  False

 

7. There major advantage associated with annuities are the large fees.

True False

 

8. While an emergency fund and eliminating debts are important, saving for retirement is an absolute must.

True False

 

9. Financial advisors will advise you to borrow money from your 401(k) retirement plan.

True False

 

10. More than half of people 50 and older who carry debt spend most of their monthly income paying it down.

True False

 

11. The key is to live below your means so that your savings goes into the bank to cover your financial future.

True False

 

12. Saving for retirement increases debt.

True False

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