Spending more time at home during the pandemic may have many desk workers contemplating what their post-employment life might look like. However, while there is plenty of information and advice available on planning for retirement, not all of it is accurate or good. To gauge your knowledge of some basic retirement-related facts, take our quiz below.
1. After “defined benefit pension plan,” what form of retirement savings is the second most popular among non-retirees?
A. Savings not in retirement accounts
B. Real estate
D. Defined benefit pension
2. What percentage of people 30 to 44 years of age in the United States have no retirement savings?
3. According to a TD Ameritrade survey this year, by which age do most Americans hope to retire?
4. The Congressional Budget Office has projected that the Hospital Insurance Trust Fund, which finances Medicare Part A, will become insolvent by which year?
5. The number of retired workers receiving Social Security benefits in the U.S. rose by almost 12 million in the 2009-2019 period. How many were receiving such benefits in 2019?
A. 33 million
B. 35 million
C. 45 million
D. 70 million
6. The Social Security Administration’s formula for calculating cost of living adjustments to benefits is based on increases in which economic metric?
A. Unemployment rate
B. Personal income
C. Gross domestic product
D. Consumer price index
7. What percentage of Fortune 500 companies still offer a defined benefit (pension) plan to
8. What percentage of Fortune 500 companies still employ workers who are actively accruing pension benefits?
Answers: 1) A; 2) C; 3) D; 4). B; 5) C; 6) D; 7) B; 8) D
Sources: Fed “Report on the Economic Well-Being of U.S. Households,” T.D. Ameritrade, CBO, Social Security Administration, Willis Towers Watson