mnlife.com - Pop Quiz

Take this short quiz to determine how much you know about the economy and its effect on your finances.

Retirement Needs

1.

How much of your peak income do financial experts recommend you need in retirement?

	30 percent
	40-50 percent
	70-80 percent

2.

If you had average (middle of the tax table) earnings all your life, how much of those earnings would Social Security, in its present form, likely replace when you retire? (Choose the closest percentage.)

	20 percent
	40 percent
	70 percent

3.

How many people rely on social security for at least 90 percent of their retirement income?

	one out of every four over age 65
	four out of every 10 over age 65
	10 out of every 100 over age 65

4.

According to the U.S. Social Security Administration, out of every 100 people who reach age 65, how many will have to work?

	50%		25%
	45%		75%

5.

According to the U.S. Social Security Administration, out of every 100 people who reach age 65, how many will depend on others?

	13%		19%
	23%		27%

6.

According to the U.S. Social Security Administration, out of every 100 people who reach age 65, how many people will be self-sufficient?

	14		21
	11		2

Final Expenses

7.

How much, on average, do funeral and final expenses cost?

	$10,000		$7,000
	$2,000		$5,000

Education Costs

8.

What was the estimated annual cost of a four-year public/private college in 1997?

	$10,000 - public $21,000 - private		$9,000 - public $18,000 - private
	$12,000 - public $24,000 - private		$7,000 - public $28,000 - private

Inflation Indicators

9.

What has the average rate of inflation been during the 90s?

	3 percent a year		2 percent a year
	5 percent a year		4 percent a year

10.

What was the highest rate of inflation recorded in the late 19th and the 20th Century?

	17 percent		35 percent
	22 percent		27 percent

11.

According to the Bureau of Labor Statistics, what did a gallon of gasoline cost in 1978?

	$0.65		$0.55
	$0.75		$0.85