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The Ultimate Managing Retirement by Online Banking Quiz
by Staff
Are you dreaming of a retirement spent traveling the world, lying on golden beaches and spending carefree time with the grandchildren? Unfortunately, these things don't come without a cost. Online banking is an easy way to help you manage your money so that you can have the retirement you dream of. See what you know about managing your retirement using online banking while you have a go at this quiz.

When is it best to begin retirement planning?

  • when you are ready to retire
  • when you get a job
  • as early as possible

Why is it important to start saving early?

  • Young people are more motivated to save.
  • The interest compounds and builds up over time.
  • Retirement funds give you better rates if you are young.

In a survey performed in 2007, how many Americans were found to be saving for retirement?

  • 0.6
  • 0.8
  • 0.95

Why is it not a good idea to depend on social security money?

  • The amount paid by social security is being spread among more people.
  • Not everyone receives social security.
  • You might want to retire younger than 65.

What is the best way to ensure a comfortable retirement?

  • Try to invent a cure for cancer.
  • Invest in shares.
  • Start saving.

How can the Internet be useful in planning retirement?

  • It is easy to access financial advice.
  • You can manage your banking online.
  • Both of the above.

What is the greatest advantage of online banking?

  • simplicity
  • convenience
  • flexibility

What does an online banking retirement calculator help you calculate?

  • how much you need to put away each month to reach your retirement goal
  • how much money you need to retire comfortably
  • at what age you will be able to retire according to your current savings

What is the difference between a 401(k) and an IRA?

  • A 401(k) is opened by your employer.
  • An IRA is opened by your employer.
  • Money in an IRA is always invested in bonds.

Mutual funds are one way to invest for your retirement. How are mutual funds invested?

  • without a stockbroker
  • in conjunction with other investors
  • as an independent investment

Which type of investment fund most closely follows market trends?

  • stocks
  • mutual funds
  • index funds

Why may investing in index funds be a better option than investing in mutual funds?

  • It is guaranteed to return a profit.
  • There are fewer fees.
  • Your capital investment is secure.

Investing in which of the following will make budgeting easiest?

  • stocks
  • 401(k)
  • a online checking account

How can you invest in stocks without using a stockbroker?

  • with online trading sites
  • with your bank's index fund
  • both of the above

Why is online banking safe?

  • Your funds are insured.
  • Hackers cannot hack into online banking.
  • Both of the above.

How are online bank thieves most likely to get access to your personal login information?

  • by bribing a bank employee
  • by tricking you
  • by hacking into the bank's databases

How can you spot if a thief has hacked your account?

  • Check your bank statement for irregularities.
  • You won't be able to log in to your account.
  • You will get an email from the bank informing you.

Which of the following is often offered as an employment benefit to aid retirement saving?

  • ongoing monthly payments after retirement
  • matching 401(k) savings
  • paid travel expenses

What sort of e-mail from your bank should make you suspicious?

  • a request for personal information
  • a season's greetings e-card
  • information regarding a new savings account

Which of the following is important in keeping your online banking login details secure?

  • creating a password you will easily remember
  • storing your password in a hidden file on your computer
  • keeping your antivirus software up-to-date