{"id":4541,"date":"2015-04-30T08:06:15","date_gmt":"2015-04-30T12:06:15","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=4541"},"modified":"2015-04-30T08:07:50","modified_gmt":"2015-04-30T12:07:50","slug":"take-this-money-quiz","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=4541","title":{"rendered":"Take This Money Quiz"},"content":{"rendered":"<h4><a href=\"https:\/\/kerryhannon.com\/?attachment_id=2284\" rel=\"attachment wp-att-2284\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"2284\" data-permalink=\"https:\/\/kerryhannon.com\/?attachment_id=2284\" data-orig-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/10\/next-ave.gif?fit=300%2C300&amp;ssl=1\" data-orig-size=\"300,300\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"next-ave\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/10\/next-ave.gif?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/10\/next-ave.gif?fit=300%2C300&amp;ssl=1\" class=\"alignleft size-thumbnail wp-image-2284\" src=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/10\/next-ave.gif?resize=150%2C150&#038;ssl=1\" alt=\"next-ave\" width=\"150\" height=\"150\" srcset=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/10\/next-ave.gif?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/10\/next-ave.gif?w=300&amp;ssl=1 300w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a>Here&#8217;s a quick and easy way to gauge your money-management acumen.<\/h4>\n<p><em><span class=\"body-content\"><em><strong>Editor\u2019s note<\/strong>: This article is part of a <a href=\"http:\/\/www.nextavenue.org\/special-section\/50-women-take-control-your-money\">Next Avenue special section<\/a> about women age 50+ managing their money. As part of the special section,<\/em><\/span> Next Avenue personal finance blogger\u00a0<a href=\"http:\/\/www.nextavenue.org\/expert\/kerry-hannon\">Kerry Hannon<\/a> has created this Money IQ Quiz.<\/em><\/p>\n<p>Think you have a good handle on saving, investing, debt and Social Security? Take this 10-question multiple-choice quiz to find out. The scoring is at the end.<\/p>\n<div class=\"fs-embed showing\" data-token=\"eyJ1c2VyIjoxMDk3MDU3NDg1LCJpZCI6NzQ5OX0.6edkxBjAkir4kt2ML-zIM-t_xEQ\">\n<div class=\"question-header\">\n<h2 class=\"question-title\"><strong>1. You should save regularly for retirement and other long-term financial goals an amount that matches at least\u2026<\/strong><\/h2>\n<\/div>\n<div class=\"question-body clearfix\">\n<ul class=\" choices \">\n<li><label class=\"clean-input-wrap\"><input id=\"id_TyXO3VzqMX_0_0\" class=\"\" title=\"a) 3 percent of your net income\" name=\"TyXO3VzqMX_0\" type=\"radio\" value=\"0\" \/><\/label><label for=\"id_TyXO3VzqMX_0_0\">a) 3 percent of your net income<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_TyXO3VzqMX_0_1\" class=\"\" title=\"b) 5 percent of your net income\" name=\"TyXO3VzqMX_0\" type=\"radio\" value=\"1\" \/><\/label><label for=\"id_TyXO3VzqMX_0_1\">b) 5 percent of your net income<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_TyXO3VzqMX_0_2\" class=\"\" title=\"c) 10 percent of your net income\" name=\"TyXO3VzqMX_0\" type=\"radio\" value=\"2\" \/><\/label><label for=\"id_TyXO3VzqMX_0_2\">c) 10 percent of your net income<\/label><\/li>\n<\/ul>\n<h4><strong>ANSWER: C, 10 percent of your net income.<\/strong><\/h4>\n<p>The least painful way is to contribute automatically to an <a href=\"http:\/\/www.nextavenue.org\/article\/2014-07\/4-biggest-401k-mistakes-people-make\" rel=\"nofollow\">employer\u2019s retirement plan<\/a> or saving through payroll deductions. It\u2019s the out-of-sight, out-of-mind method of saving. If you have put off saving until age 50, you\u2019ll probably need to save closer to 20 percent to retire well.<\/p>\n<p><strong><a href=\"http:\/\/www.nextavenue.org\/article\/2015-04\/50-women-take-money-quiz\">TAKE THIS INTERACTIVE QUIZ ON NEXT AVENUE<\/a><\/strong><\/p>\n<div class=\"question-header\">\n<h2 class=\"question-title\"><strong>2. <\/strong>\u00a0<strong>Generally speaking, you should have enough money set aside to pay living expenses for a minimum of\u2026<\/strong><\/h2>\n<\/div>\n<div class=\"question-body clearfix\">\n<ul class=\" choices \">\n<li><label class=\"clean-input-wrap\"><input id=\"id_vfmUzlSbuz_0_0\" class=\"\" title=\"a) one month\" name=\"vfmUzlSbuz_0\" type=\"radio\" value=\"0\" \/><\/label><label for=\"id_vfmUzlSbuz_0_0\">a) one month<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_vfmUzlSbuz_0_1\" class=\"\" title=\"b) three months\" name=\"vfmUzlSbuz_0\" type=\"radio\" value=\"1\" \/><\/label><label for=\"id_vfmUzlSbuz_0_1\">b) three months<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_vfmUzlSbuz_0_2\" class=\"\" title=\"c) one year\" name=\"vfmUzlSbuz_0\" type=\"radio\" value=\"2\" \/><\/label><label for=\"id_vfmUzlSbuz_0_2\">c) one year<\/label><\/li>\n<\/ul>\n<h4><strong>ANSWER: B, three months.<\/strong><\/h4>\n<p>It\u2019s vital to have an <a href=\"http:\/\/www.nextavenue.org\/blog\/women-are-you-prepared-money-emergency\" rel=\"nofollow\">emergency savings cushion<\/a> in case you, or someone in your family, encounters unexpected, uninsured medical costs or you lose your job. Target three times your basic monthly expenses to get started, but if you can ramp it up to a year\u2019s worth of savings over time, do so. A money market mutual fund or a bank savings account are smart, safe places to safeguard this money.<\/p>\n<h4><strong>3.Your total debt (not including your mortgage) should be no more than\u2026<\/strong><\/h4>\n<div class=\"question-body clearfix\">\n<ul class=\" choices \">\n<li><label class=\"clean-input-wrap\"><input id=\"id_XK9aQXVSvT_0_0\" class=\"\" title=\"a) 10 percent of your net income\" name=\"XK9aQXVSvT_0\" type=\"radio\" value=\"0\" \/><\/label><label for=\"id_XK9aQXVSvT_0_0\">a) 10 percent of your net income<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_XK9aQXVSvT_0_1\" class=\"\" title=\"b) 35 percent of your net income\" name=\"XK9aQXVSvT_0\" type=\"radio\" value=\"1\" \/><\/label><label for=\"id_XK9aQXVSvT_0_1\">b) 35 percent of your net income<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_XK9aQXVSvT_0_2\" class=\"\" title=\"c) 45 percent of your net income\" name=\"XK9aQXVSvT_0\" type=\"radio\" value=\"2\" \/><\/label><label for=\"id_XK9aQXVSvT_0_2\">c) 45 percent of your net income<\/label><\/li>\n<\/ul>\n<h4><strong>ANSWER: B, No more than 35 percent of your net income.<\/strong><\/h4>\n<p>Lenders look at your debt-to-income ratio \u2014 the amount of debt you have versus your overall income \u2014 when they are deciding whether to extend credit, say, to approve you for a mortgage or a credit card. Generally, the lower it is, the greater the chance you will be approved. Check out a debt-to-income ratio calculator, like <a href=\"http:\/\/www.bankrate.com\/calculators\/mortgages\/ratio-debt-calculator.aspx\" target=\"_blank\" rel=\"nofollow\">this one<\/a>\u00a0on BankRate.com.<\/p>\n<div class=\"question-header\">\n<h4 class=\"question-title\"><strong>4.<\/strong><strong>The best way to raise your credit score is to\u2026<\/strong><\/h4>\n<\/div>\n<div class=\"question-body clearfix\">\n<ul class=\" choices \">\n<li><label class=\"clean-input-wrap\"><input id=\"id_llE4Jb80Jl_0_0\" class=\"\" title=\"a) pay your bills on time\" name=\"llE4Jb80Jl_0\" type=\"radio\" value=\"0\" \/><\/label><label for=\"id_llE4Jb80Jl_0_0\">a) pay your bills on time<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_llE4Jb80Jl_0_1\" class=\"\" title=\"b) cancel your credit cards\" name=\"llE4Jb80Jl_0\" type=\"radio\" value=\"1\" \/><\/label><label for=\"id_llE4Jb80Jl_0_1\">b) cancel your credit cards<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_llE4Jb80Jl_0_2\" class=\"\" title=\"c) apply for credit on a regular basis\" name=\"llE4Jb80Jl_0\" type=\"radio\" value=\"2\" \/><\/label><label for=\"id_llE4Jb80Jl_0_2\">c) apply for credit on a regular basis<\/label><\/li>\n<\/ul>\n<h4><strong>ANSWER: A, pay your bills on time.<\/strong><\/h4>\n<p>Approximately 35 percent of your <a href=\"http:\/\/www.nextavenue.org\/article\/2014-12\/6-credit-score-myths-debunked\" rel=\"nofollow\">credit score<\/a> is based on your payment history, according to <a href=\"http:\/\/www.myfico.com\/crediteducation\/creditscores.aspx\" rel=\"nofollow\">Fair Isaac Corp<\/a>., whose FICO score is the most widely-used. Around 30 percent is based on how much credit you have access to and how much you\u2019re using; about 15 percent is based on how long you\u2019ve had your credit cards and roughly 10 percent is determined by the number of times credit card companies request your credit report. (Lots of requests suggest you may be desperate for credit and headed for trouble).<\/p>\n<div class=\"question-header\">\n<h2 class=\"question-title\"><strong>5. \u00a0You should update your will\u2026<\/strong><\/h2>\n<\/div>\n<div class=\"question-body clearfix\">\n<ul class=\" choices \">\n<li><label class=\"clean-input-wrap\"><input id=\"id_DuipAnho7i_0_0\" class=\"\" title=\"a) when you have a major life change, such as marriage, divorce or birth of a child\" name=\"DuipAnho7i_0\" type=\"radio\" value=\"0\" \/><\/label><label for=\"id_DuipAnho7i_0_0\">a) when you have a major life change, such as marriage, divorce or birth of a child<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_DuipAnho7i_0_1\" class=\"\" title=\"b) when your child graduates from college\" name=\"DuipAnho7i_0\" type=\"radio\" value=\"1\" \/><\/label><label for=\"id_DuipAnho7i_0_1\">b) when your child graduates from college<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_DuipAnho7i_0_2\" class=\"\" title=\"c) when you get a financial windfall\" name=\"DuipAnho7i_0\" type=\"radio\" value=\"2\" \/><\/label><label for=\"id_DuipAnho7i_0_2\">c) when you get a financial windfall<\/label><\/li>\n<\/ul>\n<h4><strong>ANSWER: A, When you have a major life change, such as marriage, divorce or birth of a child.<\/strong><\/h4>\n<p>The point of a <a href=\"http:\/\/www.nextavenue.org\/article\/2015-02\/estate-planning-advice-women\" rel=\"nofollow\">will<\/a> is to ensure that the right people will inherit your assets. So getting married or divorced or having a baby are all good reasons to get your will updated. Without a will, there\u2019s no telling who\u2019ll get what you leave. Plus, your estate will go into probate \u2014 a costly, slow-moving legal process. If your assets are in the six figures or higher, you probably ought to have <a href=\"http:\/\/www.nextavenue.org\/article\/2011-11\/put-some-trust-your-estate-planning\" rel=\"nofollow\">a trust<\/a> as well, to help minimize estate taxes and avoid probate.<\/p>\n<div class=\"question-header\">\n<h2 class=\"question-title\"><strong>6. If you are divorced, you are typically eligible for your ex\u2019s Social Security benefit if\u2026<\/strong><\/h2>\n<\/div>\n<div class=\"question-body clearfix\">\n<ul class=\" choices \">\n<li><label class=\"clean-input-wrap\"><input id=\"id_kMfpN0nM0V_0_0\" class=\"\" title=\"a) you were married for at least five years\" name=\"kMfpN0nM0V_0\" type=\"radio\" value=\"0\" \/><\/label><label for=\"id_kMfpN0nM0V_0_0\">a) you were married for at least five years<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_kMfpN0nM0V_0_1\" class=\"\" title=\"b) you\u2019re 62 or older, were married for at least 10 years and are not currently married\" name=\"kMfpN0nM0V_0\" type=\"radio\" value=\"1\" \/><\/label><label for=\"id_kMfpN0nM0V_0_1\">b) you\u2019re 62 or older, were married for at least 10 years and are not currently married<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_kMfpN0nM0V_0_2\" class=\"\" title=\"c) your ex-spouse lets you have it\" name=\"kMfpN0nM0V_0\" type=\"radio\" value=\"2\" \/><\/label><label for=\"id_kMfpN0nM0V_0_2\">c) your ex-spouse lets you have it<\/label><\/li>\n<\/ul>\n<h4><strong>ANSWER: B, you\u2019re 62 or older, were married for at least 10 years and are not currently married.<\/strong><\/h4>\n<p>Don\u2019t pass up your ex\u2019s Social Security benefit if you\u2019re entitled.\u00a0You may be eligible to collect as much as half of your\u00a0<a href=\"http:\/\/www.nextavenue.org\/article\/2011-10\/womans-guide-social-security\" rel=\"nofollow\">husband\u2019s Social Security retirement <\/a>or disability benefits, even if he has remarried. (If\u00a0<em>you<\/em>\u00a0remarry, though, you generally cannot collect Social Security benefits on your former spouse&#8217;s record unless your later marriage ends by death, divorce or annulment.) You may also be able to receive only your ex\u2019s\u00a0<a href=\"http:\/\/www.nextavenue.org\/article\/2013-10\/social-security-and-divorce-what-women-need-know\" rel=\"nofollow\">Social Security benefits<\/a>\u00a0now and\u00a0delay\u00a0receiving your own until a later date, which is a great idea. Social Security benefits are increased by a certain percentage \u2014 8 percent annually for those born after 1943 \u2014 if you delay your retirement beyond Full Retirement Age, now 66 to 67.<\/p>\n<div class=\"question-header\">\n<h2 class=\"question-title\"><strong>7.If you leave a company before you have \u201cvested\u201d in your employer-sponsored 401(k) plan, you\u2026<\/strong><\/h2>\n<\/div>\n<div class=\"question-body clearfix\">\n<ul class=\" choices \">\n<li><label class=\"clean-input-wrap\"><input id=\"id_Xp6Kv9KN4z_0_0\" class=\"\" title=\"a) always lose any amount your employer contributed\" name=\"Xp6Kv9KN4z_0\" type=\"radio\" value=\"0\" \/><\/label><label for=\"id_Xp6Kv9KN4z_0_0\">a) always lose any amount your employer contributed<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_Xp6Kv9KN4z_0_1\" class=\"\" title=\"b) receive the full amount of your contributions and your employer\u2019s\" name=\"Xp6Kv9KN4z_0\" type=\"radio\" value=\"1\" \/><\/label><label for=\"id_Xp6Kv9KN4z_0_1\">b) receive the full amount of your contributions and your employer\u2019s<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_Xp6Kv9KN4z_0_2\" class=\"\" title=\"c) might receive a percentage of your employer\u2019s contributions in addition to your own\" name=\"Xp6Kv9KN4z_0\" type=\"radio\" value=\"2\" \/><\/label><label for=\"id_Xp6Kv9KN4z_0_2\">c) might receive a percentage of your employer\u2019s contributions in addition to your own<\/label><\/li>\n<\/ul>\n<h4><strong>ANSWER: C, might receive a percentage of your employer\u2019s contributions in addition to your own.<\/strong><\/h4>\n<p>In a plan like a 401(k), your contributions and any subsequent earnings are always 100 percent vested. However, you may have to work a set number of years before you are vested in the employer\u2019s matching contributions. For example, with graduated vesting, an employee must be at least 20 percent vested after two years, 40 percent after three years, 60 percent after four years, 80 percent after five years and 100 percent after six years.<\/p>\n<div class=\"question-header\">\n<h2 class=\"question-title\"><strong>8.<\/strong><strong>The best way to determine how much you\u2019ll need to have saved to cover retirement living expenses is to\u2026<\/strong><\/h2>\n<\/div>\n<div class=\"question-body clearfix\">\n<ul class=\" choices \">\n<li><label class=\"clean-input-wrap\"><input id=\"id_x10yDZpeSU_0_0\" class=\"\" title=\"a) calculate how much you spend annually now and multiply that by the number of years you think you will live after you retire\" name=\"x10yDZpeSU_0\" type=\"radio\" value=\"0\" \/><\/label><label for=\"id_x10yDZpeSU_0_0\">a) calculate how much you spend annually now and multiply that by the number of years you think you will live after you retire<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_x10yDZpeSU_0_1\" class=\"\" title=\"b) plan on about 70 percent of your current costs multiplied out for your retirement years\" name=\"x10yDZpeSU_0\" type=\"radio\" value=\"1\" \/><\/label><label for=\"id_x10yDZpeSU_0_1\">b) plan on about 70 percent of your current costs multiplied out for your retirement years<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_x10yDZpeSU_0_2\" class=\"\" title=\"c) make a personal retirement plan projection\" name=\"x10yDZpeSU_0\" type=\"radio\" value=\"2\" \/><\/label><label for=\"id_x10yDZpeSU_0_2\">c) make a personal retirement plan projection<\/label><\/li>\n<\/ul>\n<h4><strong>ANSWER: C, make a personal retirement plan projection.<\/strong><\/h4>\n<p>Knowledge is power. Once you have your plan in place, you begin to take action and can see your stockpile accumulating year after year. Workers who have done a retirement savings needs calculation tend to report higher savings goals and are more likely to feel very confident about affording a comfortable retirement. Start with The Ballpark E$timate calculator from the Employee Benefit Research Institute\u2019s site, <a href=\"http:\/\/www.choosetosave.org\/\" target=\"_blank\" rel=\"nofollow\">Choose to Save<\/a>. Many mutual fund companies also have useful retirement calculators on their sites. Two other good calculators for people over 50: <a href=\"http:\/\/www.retirementworks2.com\/\" rel=\"nofollow\">Retirement Works2 for You<\/a> and<a href=\"https:\/\/www.esplanner.com\/purchase\" rel=\"nofollow\">E$Planner<\/a>.<\/p>\n<div class=\"question-header\">\n<h2 class=\"question-title\"><strong>9.<\/strong><strong>Every woman needs\u2026<\/strong><\/h2>\n<\/div>\n<div class=\"question-body clearfix\">\n<ul class=\" choices \">\n<li><label class=\"clean-input-wrap\"><input id=\"id_Stzy4UJpmS_0_0\" class=\"\" title=\"a) a living will\" name=\"Stzy4UJpmS_0\" type=\"radio\" value=\"0\" \/><\/label><label for=\"id_Stzy4UJpmS_0_0\">a) a living will<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_Stzy4UJpmS_0_1\" class=\"\" title=\"b) a healthcare power of attorney and a financial power of attorney\" name=\"Stzy4UJpmS_0\" type=\"radio\" value=\"1\" \/><\/label><label for=\"id_Stzy4UJpmS_0_1\">b) a healthcare power of attorney and a financial power of attorney<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_Stzy4UJpmS_0_2\" class=\"\" title=\"c) both a and b\" name=\"Stzy4UJpmS_0\" type=\"radio\" value=\"2\" \/><\/label><label for=\"id_Stzy4UJpmS_0_2\">c) both a and b<\/label><\/li>\n<\/ul>\n<h4><strong>ANSWER: C, both a living will and a healthcare power of attorney and a financial power of attorney.<\/strong><\/h4>\n<p>A <a href=\"http:\/\/www.nextavenue.org\/blog\/how-strong-your-living-will\" rel=\"nofollow\">living will <\/a>stipulates your end-of-life wishes. A <a href=\"http:\/\/www.nextavenue.org\/blog\/americans-ostrich-approach-estate-planning\" rel=\"nofollow\">healthcare power of attorney<\/a> names the person who will make health-care decisions for you if you can\u2019t. A <a href=\"http:\/\/www.nextavenue.org\/article\/2015-01\/when-should-you-get-power-attorney-parent\" rel=\"nofollow\">financial power of attorney <\/a>names the person who will make money decisions for you if you can\u2019t. One of the major benefits of having these papers in place is that you save your family the angst of trying to guess what you&#8217;d want. It can also avoid family conflicts and a significant financial burden on your heirs.<\/p>\n<div class=\"question-header\">\n<h2 class=\"question-title\"><strong>10.The biggest hurdle to realizing financial well-being in retirement is\u2026<\/strong><\/h2>\n<\/div>\n<div class=\"question-body clearfix\">\n<ul class=\" choices \">\n<li><label class=\"clean-input-wrap\"><input id=\"id_TiDUdESlSo_0_0\" class=\"\" title=\"a) You haven\u2019t penciled out a budget\" name=\"TiDUdESlSo_0\" type=\"radio\" value=\"0\" \/><\/label><label for=\"id_TiDUdESlSo_0_0\">a) You haven\u2019t penciled out a budget<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_TiDUdESlSo_0_1\" class=\"\" title=\"b) The unpredictable stock market\" name=\"TiDUdESlSo_0\" type=\"radio\" value=\"1\" \/><\/label><label for=\"id_TiDUdESlSo_0_1\">b) The unpredictable stock market<\/label><\/li>\n<li><label class=\"clean-input-wrap\"><input id=\"id_TiDUdESlSo_0_2\" class=\"\" title=\"c) You haven\u2019t started a regular savings strategy that includes investing in stocks and bonds\" name=\"TiDUdESlSo_0\" type=\"radio\" value=\"2\" \/><\/label><label for=\"id_TiDUdESlSo_0_2\">c) You haven\u2019t started a regular savings strategy that includes investing in stocks and bonds<\/label><\/li>\n<\/ul>\n<h4><strong>ANSWER: C,You haven\u2019t started a regular savings strategy that includes investing in stocks and bonds.<\/strong><\/h4>\n<p>One key to a comfortable retirement is putting a disciplined,<a href=\"http:\/\/www.nextavenue.org\/blog\/best-way-invest-retirement\" rel=\"nofollow\">diversified investing plan<\/a> in place in advance. Bonds generally are less volatile than stocks, but over the long haul, stocks have outperformed bonds, bank savings accounts and CDs. A general guideline for a safe, diversified retirement savings portfolio: take 100 and subtract your age for the percentage of your portfolio to hold in stocks. If you\u2019re 55, you\u2019d want 45 percent in stocks. As you get older, gradually shift toward a higher concentration in safer bonds.<\/p>\n<h4><strong>10.0 out of 100 points<\/strong><\/h4>\n<p><strong>100 points:<\/strong> Congratulations! You have your financial wits about you. But never stop learning about ways to manage your money. Continue to make your finances a priority, and you should be well-prepared for a secure future.<\/p>\n<p><strong>70 to 90 points<\/strong>: This is pretty darn good. You have the basics under your belt and are on your way. Keep at it, though. Push yourself to focus with a vengeance and stay on top of your money game by regularly monitoring your situation.<\/p>\n<p><strong>40 to 60 points<\/strong>: You\u2019ve learned a few important things about taking control of your finances, but you need to ramp it up. A good way to get started is to scan the list of stories in Next Avenue\u2019s special\u00a0<a href=\"http:\/\/www.nextavenue.org\/special-section\/50-women-take-control-your-money\" rel=\"nofollow\">section<\/a> and see where you can learn more. Also, do the <a href=\"http:\/\/www.nextavenue.org\/article\/2015-04\/money-intermediate%E2%80%99s-checklist-women-50\" rel=\"nofollow\">intermediate<\/a>\u00a0checklist.<\/p>\n<p><strong>0 to 30 points<\/strong>: Yikes. It\u2019s time for you to start learning about investing and putting money aside for your retirement. Read through our entire <a href=\"http:\/\/www.nextavenue.org\/special-section\/50-women-take-control-your-money\" rel=\"nofollow\">special section<\/a> on ways women 50+ can take control of their money. Then do the <a href=\"http:\/\/www.nextavenue.org\/article\/2015-04\/money-beginner%E2%80%99s-checklist-women-50\" rel=\"nofollow\">beginner<\/a> checklist. Good luck!<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/static.hupso.com\/share\/buttons\/share-small.png?w=640&#038;ssl=1\" style=\"border:0px; padding-top:5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Pinterest\",\"Linkedin\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Bebo\",\"Delicious\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"small\";var hupso_image_folder_url = \"\";var hupso_url_t=\"\";var hupso_title_t=\"Take This Money Quiz\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"excerpt":{"rendered":"<p>Here&#8217;s a quick and easy way to gauge your money-management acumen. Editor\u2019s note: This article is part of a Next Avenue special section about women age 50+ managing their money. As part of the special section, Next Avenue personal finance blogger\u00a0Kerry Hannon has created this Money IQ Quiz. Think you have a good handle on [&hellip;]<\/p>\n<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img src=\"https:\/\/static.hupso.com\/share\/buttons\/share-small.png\" style=\"border:0px; padding-top:5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Pinterest\",\"Linkedin\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Bebo\",\"Delicious\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"small\";var hupso_image_folder_url = \"\";var hupso_url_t=\"\";var hupso_title_t=\"Take This Money Quiz\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"author":2,"featured_media":2284,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[77,29,62,101,9,63],"tags":[340,134,75,351],"class_list":["post-4541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt","category-finances","category-next-avenue","category-personal-finance-2","category-retirement","category-women-and-money","tag-finances","tag-next-avenue-2","tag-personal-finance","tag-women-and-money"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2012\/10\/next-ave.gif?fit=300%2C300&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p3YFQS-1bf","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts\/4541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4541"}],"version-history":[{"count":8,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts\/4541\/revisions"}],"predecessor-version":[{"id":4549,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts\/4541\/revisions\/4549"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/media\/2284"}],"wp:attachment":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}