Question

Is this statement correct? "My social security plus what I have put in a regular savings account will cover all of my retirement expenses. 1 O A. Yes. That sounds about right. No. I should plan on having a retirement income that is 80% of my working income. O B.

Answer 1

Answer:

The correct answer would be Yes, that sounds about right.

Explanation:

Till the age of retirement, a person's mostly expenses are finished, like growing his children, educate them, get them married, etc. He is left with only few expenses like running the house or meet his personal expenses. So the Social Security and some regular savings would be enough for him to lead a respectable life in the society. Also, his children are settled enough to fulfill his expenses at this point of his life. So there is no necessity to invest in a retirement plan that pays you 80% of your regular income. Social security and savings would be enough for the person.

Answer 2

1 O A. Yes. That sounds about right.