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 OSU Extension Let's Talk Money - Welcome to the Retirement Quiz

Welcome to the Retirement Quiz

This is an opportunity for you to learn about retirement planning. Take the first steps to learn about saving and health care options as you plan for your retirement.

Directions: Mark your selection, choosing the best answer for each of the eight questions in this quiz. Then submit your quiz. You will receive back a graded copy of your answers with additional information about each topic in the quiz.

You should use your mouse or TAB key to move from field to field within the form. Some browsers may cause the form to be submitted prematurely if you use the ENTER key.

1. Many people retire before age 65 and others choose to work beyond this traditional age of retirement. The decision when to retire is often influenced by:
a. Health of the individual or significant other
b. Financial factors
c. Family emergency
d. All the Above
2. Sources of retirement income include:
a. Social Security
b. Public and Private Pension(s)
c. Accumulated savings and/or investments
d. All of the Above
3. One of the major concerns about retirement is health insurance. At a certain age one is eligible for Medicare. At what age are you eligible for medicare?
a. 60
b. 62
c. 65
d. 67
4. The U.S. Census Bureau data show that the median (typical) annual income in 2002 for households headed by persons age 65 or older is:
a. $20,118
b. $23,118
c. $25,118
d. $28,118
5. Expenses change when retirement occurs. Which of the following are expenses that may increase upon retirement?
a. Income taxes, subscriptions and lunch costs
b. Home maintenance and house cleaning expenses
c. Health insurance, health care and prescriptions
d. Clothing, commuting and travel
6. Many retired persons go through several phases of their lifestyle and different expenses will likely change over the years. When planning for retirement it is a good idea to:
a. Know your current expenses then estimate your retirement expenses and income.
b. Talk to other retired people so you learn how various expenses have changed after retirement.
c. Project increases and decreases in expenses based on other people’s experiences and your family health history.
d. All of the Above
7. Medicare is a federal health insurance program. What statements are false about Medicare?
a. You should apply for Medicare a few months before your 65th birthday.
b. It is not necessary to have supplemental insurance if you have Medicare.
c. Individuals must co-pay for certain charges above the deductible.
d. Part A of Medicare is for hospital insurance and Part B is medical insurance.
8. Which of the following is not a good way to save for retirement?
a. Individual Retirement Accounts
b. Social Security
c. Annuities
d. Futures

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