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FAM 251
Exam 4
Question | Answer |
---|---|
Financial experts estimate that retirees need at least ________ percent of their preretirement income to live comfortably | 80 |
________ percent of Americans employed in this country are covered by the Social Security program. | Ninety |
An employer-sponsored retirement plan in which the employer or the employee puts money in a retirement account for the employee, and the amount of the retirement benefit depends on how well the investment yields, is called a | Defined-contribution plan |
Women need to save more money for retirement than men because they | Get less from Social Security Get fewer retirement benefits from employer plans Live longer |
The age at which retirees born in 1960 or later will be able to receive full Social Security benefits will gradually increase until it reaches | 67 |
The type of employer retirement plan in which the benefit is determinded by a formula that generally includes the worker's average pay and the number of years worked for the company is called a ________ plan. | Defined-benefit |