Have You Done Your Homework on Retirement?

September 2022

Test your knowledge with this pop quiz and check your answers at the bottom!

1. In order to maintain living standards in retirement, what percent of annual
   income do financial professionals think people should save?
   • a. About 3%
   • b. About 6%
   • c. About 9%
   • d. About 12%
   • e. About 15%
2. If an investor could set aside $50 each month for retirement, how much might that end up becoming in 25 years, including interest if it grew at the historical stock market average?
   • a. About $15,000
   • b. About $30,000
   • c. About $40,000
   • d. About $50,000
   • e. More than $60,000
3. Roughly how much do many financial professionals suggest people think about saving by the time they retire?
   • a. About 2-3 times the amount of your last income
   • b. About 4-5 times the amount of your last income
   • c. About 6-7 times the amount of your last income
   • d. About 8-9 times the amount of your last income
   • e. About 10-12 times the amount of your last income
4. Which of the following do you think is the single biggest expense for most people in retirement?
   • a. Housing
   • b. Health care
   • c. Taxes
   • d. Food
   • e. Discretionary expenses

Answers:

1. E. About 15%.
2. C. About $40,000.
3. E. About 10-12 times
4. A. Housing.

Are you still unsure about any of these topics? If so, don’t let this pop quiz burst your bubble! Contact Lebel & Harriman at 207-773-5390 and schedule an appointment!

This quiz was created by Fidelity Investments.

This material is not intended to provide, and should not be relied on for tax or legal advice. Any information contained herein is of a general nature. You should seek specific advice from your tax or legal professional before pursuing any idea contemplated.