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5 Weeks to a New Life

Can You Afford Your Future?

Take this quiz to see how financially savvy you've been about planning for retirement

Five Weeks to a New Life

1. I regularly contribute to an IRA or my 401(k) from work at the maximum amount of money allowed.

2. If I had $100 in a savings account and the interest rate was 2 percent per year, I would have more than $105 after five years.

3. I'm invested in a diverse portfolio of stocks, bonds, and cash and cash equivalents (i.e. CDs, treasury bills, and savings and money market accounts).

4. Experts say that, ideally, you should have an annual income in retirement that’s between 80 percent and 90 percent of your pre-retirement annual earnings.

5. I have arranged to cover health care costs during retirement until I am eligible for Medicare at 65.

6. A typical 65-year-old married couple without chronic conditions will likely need more than $200,000 to pay for out-of-pocket medical costs throughout retirement, not including nursing-home care.

7. I have estimated how much my retirement lifestyle will cost, have talked to a financial planner, and/or done a budget using a computer-based model. I'm confident I'm on track to meet my goals.

8. I do not carry credit card balances each month and regularly keep track of my spending.

9. I will have my mortgage paid off before I stop working.

10. I will have budgeted for "big ticket" items I want to enjoy in retirement — a sailboat, an RV, a new car, big trips — before I leave the workforce.

11. I have enough saved to delay taking Social Security benefits from age 62 until my full retirement age or at age 70.

12. I plan to continue to earn money during retirement and gradually scale back.


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