Joshua Escalante Troesh, CFP® | MBA · Purposeful Strategic Partners

READY FOR THE FUTURE?

See How You Score on These 5 Key Retirement Questions

How confident do you feel about retirement planning?

Retirement isn’t just about envisioning your ideal future. It's about understanding the key elements that will help you get there.

While most of us have a general sense of what we want in retirement, it’s easy to overlook the foundational concepts of retirement planning.

Believe it or not, on average, US adults correctly answered only 2 out of the 5 questions related to foundational concepts of retirement.1

Take 3 to 5 minutes to answer the quiz below to see how fluent you are on the ins and outs of retirement.

Improving your retirement literacy can increase your confidence in reaching your goals.1

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HOW FLUENT ARE YOU IN RETIREMENT PLANNING?

Take the Quiz to Find Out

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.

REVEAL ANSWER

Answer: A

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 one 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.

REVEAL ANSWER

Answer: A

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.

REVEAL ANSWER

Answer: B

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 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.

REVEAL ANSWER

Answer: A

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.

REVEAL ANSWER

Answer: B

32% of quiz takers got this right

SCORING & RESULTS

Congratulations! You’ve completed the quiz.

Now you can 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.

FINANCIAL LESSON:

BOOST YOUR RETIREMENT FLUENCY & TAKE CONTROL OF YOUR FUTURE

What did you score on the retirement quiz?

Were you surprised by what you know… or what you may have missed?

Whatever your score, remember that improving your retirement fluency is within your reach.

Understanding the core concepts of retirement planning helps you uncover gaps, identify opportunities, and build confidence in your financial future.1

While there’s no quick fix, the good news is that with ongoing learning and proactive planning, you can take control of your retirement journey.

And you don’t have to do it alone.

I'm here to help you navigate each step of the way toward the future you envision.

 

Sincerely,

 

    Joshua Escalante Troesh, CFP® | MBA

    Purposeful Strategic Partners

    https://purposefulfamilywealth.com/

    Book a Meeting

 

P.S. Sign up for my emails. My subscribers get my best insights.

Joshua Escalante Troesh, CFP® | MBA

Purposeful Strategic Partners

Not receiving our newsletter?

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Joshua Escalante Troesh, CFP® | MBA

Purposeful Strategic Partners

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Sources

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]

Risk Disclosure: Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future results.

This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The content is developed from sources believed to be providing accurate information; no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability, or usefulness of any information. Consult your financial professional before making any investment decision. For illustrative use only.

Access Purposeful SP's current Form ADV: https://www.adviserinfo.sec.gov/Firm/292853 Joshua Escalant Troesh was Ranked #1 advisor nationally on Investopedia Advisor Insights November 2018 to July 2019 when Investopedia discontinued Advisor Insights. Investopedia Advisor Insights ranking based upon the helpfulness of answers to questions posted on the Investopedia website as voted by Investopedia’s audience. Ranking does not consider investment returns, client satisfaction, or other factors. Registration as an investment advisor refers to legal licensing of the advisor and does not imply a certain level of skill or training. Purposeful Family Wealth is a website and marketing channel for Purposeful Strategic Partners.