True or False questions

1.The first step in retirement planning is to identify retirement goals

2.Starting later in life and being too conservative when investing are both common retirement planning mistakes

3.In long-term retirement planning, you decide on the required level of retirement income and funds needed over a 3 to 5 year series of intervals

4.Having an accurate current income and expenditures statement would be very useful when calculating retirement needs

5.If one is unsure about the facts needed to estimate retirement needs, it is better to do nothing for a few years

6.A retiree's principal source of retirement income is Social Security

7.Whether or not your social security benefits will be subject to income taxes depends on how much other income you received during the year