EPF, Module 15: Funds/Retirements (Independent)

To ensure financial security after they stop working

To pay for daily expenses

To buy a new car every year

To avoid paying taxes

Inflation, lifestyle choices, and healthcare costs

The color of your car

Your favorite food

The number of pets you have

Social Security payments may not cover all living expenses

The program was not designed to be the sole source of retirement income

Social Security benefits can be reduced or delayed

Social Security provides unlimited funds

It was signed into law by President Franklin D. Roosevelt in 1935.

It was created in 1920.

It is only for people under 30.

It guarantees full retirement for everyone.

Rising taxes and government spending cuts

Celebrating a national holiday

A new law being passed

A sports event at the Capitol

Some people retire in their 30s without trust funds or inheritances.

Everyone retires after working 30 years.

Early retirement is only possible with a large inheritance.

Most people who save for retirement retire at age 65.

6.7%

1.5%

10%

20%

401(k)

Roth IRA

Savings Account

Certificate of Deposit

Tax advantages

Employer matching

Flexible investment choices

Penalty-free early withdrawals

IRA

529 Plan

Health Savings Account

Money Market Account

Starting to save early

Spending all your income

Ignoring investment options

Relying only on social security