1. Which financial priority is most likely to suffer if you suddenly face a significant decline in your income?

A. Paying for immediate expenses like food and utilities
B. Putting money toward long-term goals like retirement
C. Keeping up on mortgage or rent payments
D. Covering the cost of a car repair

2. What types of events might impact your ability to keep your retirement plans on track?

A. A sudden downturn in the stock market that impacts your retirement portfolio


B. Getting laid off from your job

C. Experiencing a health issue that prevents you from earning an income
D. All of the above

3. Which of these steps is likely to have the most favorable impact in trying to meet your retirement goals?

A. Cutting back on current spending as much as possible

B. Taking a vacation

 

C. Investing more of your portfolio in risky stocks
D. Tapping funds early from your retirement savings to meet current expenses

4. What should you do if you find that your retirement savings are coming up short of your desired goal?

A. Take more risk in your portfolio to try to earn higher investment returns

B. Reduce the amount of money you set aside for retirement

C. Keep your retirement plans in place without any adjustments
D. Consider the possibility of working longer and delaying retirement

5. What are ways to build more savings in the final years before you reach retirement age?

A. Put more money into low yielding bonds and cash investments
C. Utilize catch-up contribution provisions that allow you to boost your savings in tax-advantaged retirement accounts

B. Start drawing down retirement savings before you retire

 

D. Make no changes to your current strategy

 

6. If your retirement savings are coming up short, what can you do to maintain your plans to retire on time?

A. Find ways to scale back your planned expenditures in retirement
B. Start claiming Social Security early even though you’re still working
C. Take out a second mortgage to help finance your retirement
D. All of the above