Are you dreaming of retirement, or are you already there? Either way, you can test your knowledge on the subject, and benefit from the results, by taking this simple 14-question test. Go ahead and find out what your Retirement IQ is . . .
1. Financial experts estimate that you can spend how much of your retirement assets per year?
a) 2% b) 4% c) 6% d) 8% e) 10%
2. You're 66. How much longer (according to Social Security actuarial tables) can you expect to live?
a) 10 years b) 14 years c) 18 years d) 22 years e) 26 years
3. You're retiring. Maybe you know where you're going to live. But most retirees live:
a) in their old house b) in a smaller home near their old neighborhood c) farther out in the country d) at the seashore e) in a Sunbelt retirement community
4. Not everyone moves to the Sunbelt. But if you do, where are you most likely to go?
a) Florida b) Arizona c) the Carolinas d) Pacific Northwest e) Hawaii
5. At what age can you start receiving Social Security benefits?
a) 59 1/2 b) 60 c) 62 d) 65 e) 66
6. What is the average monthly Social Security retirement benefit?
a) $975 b) $1020 c) $1222 d) $1274 e) $1492
7. Do you have to pay income tax on your Social Security benefit?
a) no b) depends on how much income you have c) depends on where you live d) depends on how old you are e) all of the above
8. At what age do you max out the monthly amount of your Social Security benefit?
a) 65 b) 66 c) 70 d) 72 e) never
9. At what age are you eligible for Medicare?
a) 59 1/2 b) 62 c) 65 d) 66 e) 67
10. You have probably heard of long-term health insurance that will pay for a nursing home. What are the chances you will actually end up in a long-term-care facility?
a) 5% b) 10% c) 25% d) 33% e) 50%
11. What are the chances you'll get Alzheimer's?
a) 5% b) 8% c) 13% d) 21% e) 48%
12. What's the number 1 killer of older Americans?
a) cancer b) heart disease c) stroke d) suicide e) traffic accident
13. What is the favorite activity of retirees?
a) sports b) travel c) family d) sex e) relaxing
14. Not everything's about medicine or money . . . who was a member of the Traveling Wilburys?
a) Roy Orbison b) Johnny Cash c) Bruce Springsteen d) Orville Redenbacher e) Arlo Guthrie
How do you think you did? Check back on Sat., Jan. 4 for the answers.