AnswersAdvanced Financial AlgebraRetirement Planning

Retirement Planning — Test Answers

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21
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An individual has an AIME of $3,800 Using the 2024 bend points, what is their PIA at full retirement age?

A
1 dollars comma 056 point 6 0
B
2 dollars comma 010 point 9 2
C
1 dollars comma 896 point 9 2
D
2 dollars comma 626 point 0 0
22
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Which retirement plan would allow Frieda to contribute the highest amount given their income and expenses?

A
traditional IRA; 6 dollars comma 500
B
SEP IRA; 12 dollars comma 000
C
SIMPLE IRA; 14 dollars comma 000
D
Roth IRA; 6 dollars comma 500
23

Which group showed a decline in the expected number of retirement years from 2010 to 2020?

A
women in the US
B
men in OECD countries
C
women in OECD countries
D
men in the US
24

Which line graph correctly shows the ages of people who consider their retirement savings to be on track?

A
Image with description A line graph. The x-axis is labeled Age. The y-axis is labeled Percent from 0 to 50. The line is labeled retirement savings on track. The line is at 30 percent from ages 18 to 30, increases to near 40 over time from ages 30 to over 60.
B
Image with description A line graph. The x-axis is labeled Age. The y-axis is labeled Percent from 0 to 50. The line is labeled retirement savings on track. The line is at 25 percent from ages 18 to 30, increases to over 40 over time from ages 30 to over 60.
C
Image with description A line graph. The x-axis is labeled Age. The y-axis is labeled Percent from 0 to 50. The line is labeled retirement savings on track. The line is at 40 percent from ages 18 to 30, decreases to near 20 over time from ages 30 to over 60.
D
Image with description A line graph. The x-axis is labeled Age. The y-axis is labeled Percent from 0 to 50. The line is labeled retirement savings on track. The line is at 25 percent from ages 18 to 30, increases to near 40 over time from ages 30 to 45, then increases to over 40 from ages 56 to over 60.
25

Which recommendation would best help people ages 18–29 get their retirement savings on track?

A
Focus primarily on paying off student loans.
B
Delay retirement planning until income stabilizes.
C
Increase spending on lifestyle needs.
D
Start investing early in low-cost index funds.

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