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Name ____________________________ Date _______________________ Hour ___________________ Financial Literacy Standard 6 Retirement Planning 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. A rate of return that is ___________ than you calculated could make your retirement benefits less than expected. __________ _______________ refers to a statistical measure of the average life span of a specific population. When planning for retirement, you need to determine how __________money you will need and how many _____________ you will need it. Most people plan to work ________ years than they actually do. Social security was originally designed to be a ____________________ income for people over the age of ______. If you are concerned about your investment losing money instead of appreciating, than you are worried about _______________ risk. As a young person, saving for your retirement is an example of a ___________-term goal. A risk management strategy where you include a wide variety of investments within your portfolio is called ___________________________. People invest when risk is involved because the potential to make money is _________ than the risk of losing it. The primary difference between an annuity and a 401(k) is annuities provide ______________ amounts each month after retirement and income from a 401(k) is based on the _________________. If your company has a retirement plan, you should sign up __________so your investment will start growing. The potential risk that you will lose your money due to a company going bankrupt is call _____________ risk. The best way to protect you from fraud risk is to invest in only ___________ companies. T or F: Even though participating in company-sponsored accounts is voluntary, it is something all employees should do. IRAs are _________________ ________________ _______________. The highest percentage of income for people over 65 comes from ___________ ____________. Most IRAs are invested in _______________ _________________. If you have an IRA, you are required to start drawing income from it at age __________. If you have retirement account, you can access the funds at any time, but you may have to pay a _________ to do so. The risk that you have been tricked or deceived when making an investment is called ___________ risk. Money invested into a Roth IRA is __________-________ dollars. The greater the potential to gain higher earnings the _______ the level of risk involved. A company sponsored plan where you determine how to invest your money is called a(n) _____________________. T or F: You should rethink your retirement goals and lifestyle if your money is running low for retirement.