1. The Social Security Act of 1935 set the age for full retirement at 62.

True False

2. A major premise behind retirement is that we value leisure more than work.

True False

3. Albert Einstein, Thomas Edison and Frank Lloyd Wright all retired in midlife after huge successes.

True False

4. After retirement, you will need an income of about half of what you used to earn.

True False

5. Most American firms require their employees to retire at 65.

True False

6. Older Americans generally pay off their credit card debt before retiring.

True False

7. Since the mid-1980s, the percentage of employed Americans over 65 has been shrinking.

True False

8. As long as you save enough before retirement, it doesn’t matter when you start saving.

True False

9. Conventional wisdom says you need an emergency fund big enough to pay your living expenses for three months.

True False

10. Planning for retirement involves more than financial planning.

True False