Test Your Retirement Knowledge - Compare with Your Friends

The best way to generate a 2nd lifetime income (in addition to your social security) is

Buy AAA rated bonds with maturity dates past your 90th birthday

Get an immediate annuity

Start a monthly systematic withdrawal plan from mutual funds

Marry someone very wealthy

The following is true about Social Security

If you retire before age 60, you can start to collect your benefits

The Social Security administration calculates your benefit and that's what you get

There are 12 different categories for claiming Social Security and the category you use to claim determines your benefit

The Social Security Trust Fund will be depleted in 2034 and that is when benefits end

Regarding Medicare

The problem with Medicare is that it does not cover prescriptions

In some areas of the US, you can enroll in a Medicare Advantage plan for $0 per month

Since Medicare only pays 80% of your hospital bills, you can deduct the rest on your taxes

The Full Retirement Age of 66 applies to Social Security and Medicare coverage

Your capital will last longest if you invest your retirement nest egg

50% or more in stocks or stock funds

50% or more insured CDs or Treasury Notes

50% or more in a Chinese restaurant

50% or more in bonds that maturer after you die

Regarding your IRA

It is sometimes beneficial to take distributions before age 70 1/2 to pay the least tax

The woman married to your son can never get access to your IRA funds

Convert to a Roth IRA if you have $50,000+ in your regular IRA

Your children are salivating to collect what's left

Regarding IRA Investments

It is dumb to put tax free bonds or tax deferred annuities in an IRA

Buying a home to rent out is a sensible investment

In order to avoid stock market risk, invest in a chicken farm

It is best to keep stocks that you plan to hold for many years out of your IRA

Regarding income tax on your Social Security Benefits

Everyone pays some

It's possible to pay none

Your investments have no effect

Only those earning more than $97,500 pay

If you die with money in your IRA

It goes to whomever you name in your will

It goes to your spouse if married

It goes to the named beneficiary

Your greedy kids will be right there to collect

At age 70 1/2

You must start taking money form your IRA, the amount does not matter

Single people must take more than married people

Married people can take less if their spouse is more than 10 years younger and named as beneficiary

Party like it's 1999 if you're still alive

The biggest concern about retiring outside the US

You will encounter boa constrictors

Foreign currency fluctuations will add too much uncertainty to your income

You will not be covered by Medicare

You will pay income taxes to two countries

Test Your Retirement Knowledge - Compare with Your Friends

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