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  • Quiz
  • |
  • Aug 10, 2020

How Much Do You Know About Retirement Income?

Test your knowledge and explore ways that guaranteed income in retirement can help you meet your goals.

In an ever-changing retirement landscape, it’s helpful to have a clearer picture of some of the latest retirement income planning information and trends. Your answers to this quiz can help you determine if your retirement income strategy is on track or if changes are needed to help ensure that you won’t outlive your assets.

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What we learned:

 
  • You may need your retirement savings to last for at least 20 years
  • Most experts recommend replacing at least 80% of your pre-retirement income
  • For many, Social Security benefits typically replace about 40% of pre-retirement income
  • Experts suggest having approximately 25-30% of your portfolio in guaranteed lifetime income

 

What’s next?

 

Use our Future Income Planner to help guide your conversation with a financial professional to assess how prepared you are to meet your financial goals.

Use our Annuity Income Calculator to identify how your retirement savings might benefit from an additional guaranteed income source.

Questions this quiz can help you answer:
  • How can I boost my retirement income?
  • How much money do I need for retirement?
  • What are some sources of retirement income to consider?

This material is for general informational purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, tax, accounting, or investment advice. It is not, and should not be regarded as, investment advice or as a recommendation regarding a course of action. Brighthouse Financial, Inc. and its subsidiaries did not consider any individual’s circumstances in preparing this information. Clients should seek advice from their tax, legal, and accounting professionals in addition to consulting with a financial professional.

1 Retirement & Survivors Benefits: Life Expectancy Calculator. Social Security Administration, as of September 2022.

2 How Much Do I Need to Save for Retirement? Debt.org, June 4, 2020.

3 Understanding the Benefits. Social Security Administration, January 2022.

4 Worker Participation in Employer-Sponsored Pensions: Data in Brief. Congressional Research Service, November 23, 2021.

5 How to plan for rising health care costs. Fidelity Viewpoints, August 29, 2022.

6 Personal Financial Planning Trends Survey. American Institute of Certified Public Accountants, 2019.

7 How has U.S. spending on healthcare changed over time? Peterson-KFF Health System Tracker, February 25, 2022.

8 The U.S. Population Is Growing Older, and the Gender Gap in Life Expectancy Is Narrowing. Population Reference Bureau, February 19, 2020.

9 Retirees, Here’s What to Consider When Buying an Annuity. Kiplinger, February 17, 2022.