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FAM 251

Exam 4

QuestionAnswer
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
Created by: 1197810072