READY FOR THE FUTURE?

See How You Score on These 5 Key Retirement Questions

How confident do you feel about retirement planning? I'm talking about the core concepts of retirement planning.

Below are 5 multiple-choice questions about retirement planning. Try it out and see if you can answer all 5 correctly!

Believe it or not, on average, US adults correctly answered only 2 out of the 5 questions below. Improving your retirement literacy can increase your confidence in reaching your goals.1

So, how fluent are you on the ins and outs of retirement?

Find out in the next 3-5 minutes by completing the brief quiz below!

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Question # 1:

Social Security

WHICH STATEMENT ABOUT SOCIAL SECURITY IS FALSE? 

A. The amount someone receives in Social Security benefits depends upon his/her earnings during the last two years of full-time employment.

B. A worker receives Social Security benefit payments if he/she becomes disabled before retiring.

C. Social Security benefit payments will continue as long as an individual is alive, no matter how long he/she lives.

D. Don’t know.

Answer: A - Social Security depends on your highest 35 years of earnings

42% of quiz takers got this right

Question # 2:

Retirement Savings Strategies

SUSAN WORRIES ABOUT LIVING A LONG LIFE AND RUNNING OUT OF MONEY. WHAT IS THE BEST WAY FOR HER TO ADDRESS THAT POSSIBILITY?

A. Buy an annuity.

B. Buy life insurance.

C. There is nothing she can do about this.

D. Don’t know.

Answer: A - Annuities may provide protection against outliving assets due to longevity.

53% of quiz takers got this right

Question # 3:

Medicare

ON AVERAGE, MEDICARE AND OTHER GOVERNMENT PROGRAMS COVER HOW MUCH OF AN INDIVIDUAL’S HEALTH CARE EXPENSES IN RETIREMENT?

A. Over 90%.

B. About 2/3.

C. About 1/2.

D. Don’t know.

Answer: B - About 2/3.

30% of quiz takers got this right

Question # 4:

Retirement Savings

LATISHA PLANS TO START SAVING FOR RETIREMENT BY SETTING ASIDE $2,000 THIS YEAR. HER EMPLOYER OFFERS A 401(k) PLAN AND FULLY MATCHES A WORKER’S CONTRIBUTIONS UP TO $5,000 EACH YEAR. UNDER WHICH SCENARIO DOES LATISHA HAVE THE LARGEST AMOUNT IN RETIREMENT SAVINGS AT YEAR-END?

A. She contributes $2,000 to the 401(k) plan with her employer and invests the money in a mutual fund that earns a 5% return during the year.

B. She contributes $2,000 to an IRA (individual retirement account) and invests the money in a mutual fund that earns a 5% return during the year.

C. It does not matter—she will have the same amount of year-end savings either way.

D. Don’t know.

Answer: A - Her company will match the $2,000 contribution

44% of quiz takers got this right

Question # 5:

Longevity in Retirement

ON AVERAGE IN THE U.S., HOW LONG WILL A 65-YEAR-OLD MAN/WOMAN LIVE?

A. Man age 79/Woman age 82.

B. Man age 84/Woman age 87.

C. Man age 89/Woman age 92.

D. Don’t know.

Answer: B - Man age 84/Woman age 87

32% of quiz takers got this right

SCORING & RESULTS

Congratulations! You’ve completed the quiz.

Calculate your final score based on the number of correct responses you had.

0 Correct = 0%

19% of quiz takers got 0 answers correct.

1 Correct = 20%

20% of quiz takers got 1 answers correct.

2 Correct = 40%

23% of quiz takers got 2 answers correct.

3 Correct = 60%

21% of quiz takers got 3 answers correct.

4 Correct = 80%

13% of quiz takers got 4 answers correct.

5 Correct = 100%

4% of quiz takers got 5 answers correct.

A SOLID RETIREMENT PLAN STARTS WITH KNOWING THE RIGHT QUESTIONS TO ASK—AND HOW TO ANSWER THEM.

TMFG FINANCIAL LESSON:

BOOST YOUR RETIREMENT FLUENCY & TAKE CONTROL OF YOUR FUTURE

How did you score on the retirement quiz? Were you surprised by what you know… or what you may have missed? Whatever your score, improving your retirement fluency is within your reach.

With ongoing learning and proactive planning, you can take control of your retirement journey, and you don’t have to do it alone. We are here to help you navigate each step of the way toward the future you envision.

 

Sincerely,

Rob, Allie, Lindsay, Samara and Gabe

The TMFG Team

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1. TIAA, 2024 [URL: https://www.tiaa.org/content/dam/tiaa/institute/pdf/executive-summary/2024-04/tiaa_institute_gflec_retirement_fluency_pfin_summary_2024.pdf]

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