Retire Age Test (When will you be able to retire?)
When will you be able to retire?
Answer these 20 questions to see how old you will be before you can retire.
Can you kick back at 50, or must you slave away until you drop? Find out now, and get some free advice (in case your mom isn't available) about how to turn things around if you need to.
- What is your annual income?Under $35,000$35,001-$75,000$75,001-$120,000$120,001-$180,000$180,001-$225,000Over $225,000My attorney has forbidden me from disclosing this except at trial.
- Do you have, or are you planning to have children?No, are you kidding?Yes, I love rug rats!An heir and a spare - maybe one or two.
- Do you own a home?No, but it would be awesome.Yes, it might not be the Taj Mahal, but I'm building equity! Right?Does my mom's basement count as "owning" if I expect her to leave it to me when she dies?
- How much of your paycheck do you put into savings?Uh, you mean like, in a bank?I try to sock away a couple hundred in my... "sock" drawer. Haha. Get it?About 10% of my paycheckOver 10%
- How much do you have in stocks? Not the medieval torture device...you know, shares of ownership in companies.Stocks? Nothing, that's like gambling.About a month's paycheckAbout 3 months paycheckHalf a year's paycheckA year's paycheck10 years or more of paychecks.I am so filthy rich I can't even keep track of it all.
- What is the 4% rule?4% of your money should be put away each year.Plan that 4% of your money can be withdrawn each year you are retired.4% of your money should be in savings, and the rest put into high yield stocks.You should never have more than 4% of your income in hedge funds.4% of the people you ask out on dates will turn into long term relationships.
- About how much should you save in order to retire and maintain your current standard of living for 25 years?5 year's annual income7 year's annual income10 year's annual income15 year's annual incomeI guess that would be 25 years...duh. I guess quiz writers can't do simple math.
- Are you married?No way, no howNo, but maybe one dayYesYes, but not for long. See, I met someone. I didn't plan it. It just happened. It's not you, it's me.
- Which of the following bonds typically has the highest yield?AAA-rated corporate bondsB rated corporate bondsTreasury bondsJames bonds? OK, I have no idea what a bond is.Municipal bonds
- What is closest to your investment philosophy?Put your money into high-risk stocks, you won't make money being conservativeDiversify, diversify, diversify. You never know what will hit you.Invest in mostly Bonds and CDs. Despite the low yield, you can't lose money.You should get more conservative with risk as you get older.You should invest in taking rich relatives out to dinner so they will like you and leave you all their money.
- Most financial experts agree that the best way to protect against inflation is to have a:Diversified portfolio of CDs (certificates of deposit)Diversified portfolio of stocksDiversified portfolio of bondsBunker buried in your back yard where you can hide from creditors.
- When is converting a portion of your traditional IRA to a Roth IRA a good idea?You have a big tax deduction this year, and your marginal tax rate is lower than normal.Your traditional IRA is worth over $250,000You are filing jointly, and your spouse retired in the past year.When you meet a hot accountant and want to be able to say you have a "Roth IRA" because it sounds classy.
- If you don't start withdrawing from your IRA by age _______, you will incur a penalty.62656770.573.2349576 / N+ Fn = Fn-1 + Fn-2
- Which one of the following statements is FALSE concerning the federal income tax treatment of distributions to a 65-year-old retiree?Distributions from a traditional IRA prior to age 70½ will be subject to an additional 10 percent penalty tax.All distributions from a Roth IRA that has been maintained for at least five years will be tax-free.Withdrawals made after 59½ are normal retirement withdrawals and are not taxed.The IRS will not let you write your prune juice off as a business expense.
- A bond is a debt investment where you loan money (with interest) to a government or a business. If interest rates rise, this will _______.Hurt youHelp youDo nothingHurt or help depending on the type of bond you have.Be great. Since the government will owe ME more money, I can have one of my "collection" guys go break some knees.
- A single person who is likely to live to 90 should start withdrawing social security at age _______?6266707512 - can I do that?
- If you set aside $50 per month for retirement, how much would that be in 25 years? Hint: This answer is not as simple as it sounds, remember to think about interest.$10,000$28,000$40,000$80,000Uh, Pass.
- If you retire at 65, and have no major health issues, how many years will you need to fund?10 years15 years20 years22 years25 years35 yearsInfinity, because I will not die.
- What is the single biggest expense in retirement?HousingHealthcareFoodWhite socks and Birkenstocks
- What is the average, out-of-pocket amount a couple will spend on healthcare if they retire at 65?$90,000$140,000$210,000$260,000One MILLION dollars (put your little finger to the corner of your mouth when you say this, it looks cool).