Participant Corner: Have You Done Your Homework on Retirement?

An apple and a metal cup with colored pencils sits on top of a stack of books and spiraled notebooks

Surprise pop quiz! We hope you've done your homework on retirement, don't worry if you don't pass the quiz, we won't be keeping track of your score.

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Retirement Pop Quiz

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%

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

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

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

 Check your answers at the bottom right corner of the page. Did you miss any of these questions? Are you still unsure about any of these topics? If so, don’t let this pop quiz burst your bubble!

This quiz was created by Fidelity Investments.

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