I've had a lot of good feedback on the quiz I sent a couple months ago, so I figured, this week, I am going to test your wits again.
I don't want you cheating by peeking at the answers. There is a string of letters after each question. The third letter will reveal the correct answer.
1. The Full Retirement Age, according to Social Security, for someone born 1960 or later is:
A. 65
B. 66
C. 67
D. 70
Answer: ADCBACC (the answer is C because it is the third letter in that string of letters)
2. You can work and receive Social Security at the same time:
A. If you at least you 62.
B. If your income is less that $19,600.
C. If you are at least 70.
D. If you work for the federal government.
ACBDADA
3. The Cost of Living Adjustment for Social Security this year is:
A. 8.7%
B. 11.1%
C. 5.9%
D. There is no increase
AAACDCD
4. What is an "S&P 500 Index Fund"?
A. A mutual fund that is actively managed by investment managers.
B. A basket of stocks that holds the 500 biggest companies.
C. An investment you should only use inside an IRA.
D. A basket of stocks that holds the companies inside the Dow Jones.
BABDCDC
5. What was the total return during the worst five year period in the stock market's history?
A. -18.1% total return
B. -35.4% total return
C. +3.4% total return
D. -2.3% total return
DBDCDAC
6. Which of the following is NOT a kind of bond?
A. Government Bonds
B. Municipal Bonds
C. Large Cap Bonds
D. Corporate Bonds
BDCACBC
7. Who can best predict the direction of the stock market?
A. Economists
B. Market Analysts
C. Finance Professors
D. Absolutey no one
CDDCABC
8. Are we headed into a recession in 2023?
A. I know, but I'm not going to tell you.
B. Yes, if inflation continues to rise.
C. Nobody knows. People are always predicting recessions.
D. No, the economy is so strong that we can get through these times.
BCCDAA
9. In 1981 the world poverty rate was 42%. What is it now?
A. 8.6%
B. 30.2%
C. 40.9%
D. 15.4%
ADADCA
10. At what age are you too old to invest your money in stocks?
A. 80
B. 90
C. 65
D. Never
ACDDDCA
11. Which of these statements is true?
A. Most spending happens during the first few years of retirement.
B. You have to have $1,000,000 to retire comfortably.
C. You should look at your portfolio once a month.
D. You must have your house paid off before you retire.
ABACDA
12. Currently the Dow Jones is around:
A. 38,000
B. 30,000
C. 25,000
D. 33,000
BCDDCAB
13. At the depths of Covid the Dow Jones fell to:
A. 30,000
B. 21,000
C. 32,000
D. 25,000
ADBDABA
14. From 1800-1900 the stock market averaged:
A. 5%
B. 10%
C. 3%
D. 8%
AABACD
15. If your child started investing $100/mo at age 20, how much would they have at age 65?
A. $130,000
B. $560,000
C. $860,000
D. $948,000
ABDBADA
16. For many the biggest expense in retirement is:
A. Car repairs
B. Prescriptions
C. Dental care
D. Taxes
ADCDACA
17. How much do you pay in payroll taxes (that go to Social Security)?
A. None
B. 6.2%
C. 8.9%
D. 3.4%
AABDBAC
18. When you pass your IRA on to your children at death, what happens?
A. They have to pay taxes on the proceeds immediately.
B. They have to take a little bit out each year for the remainder of their lives.
C. They have ten years to take distributions.
D. The IRA is not taxable once passed down.
CCCDADC
19. Buying a rental home to fund your retirment is:
A. An easy way to create income.
B. A very safe way to keep your money growing.
C. Very risky with home prices where they are now.
D. Probably a bad idea. Do you really want to be a landlord?
BCDBACD
20. My favorite sports team is:
A. The Philadelphia Eagles
B. The Pittsburgh Steelers
C. The Cleveland Browns
D. The Buffalo Bills
CDBCABC
How did you do? Let me know!
Be Blessed,
Dave
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