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Exam 18: Starting Early: Retirement Planning

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Question 91

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What types of housing options are available to retirees?

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Staying in their present home,whether a ...

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Question 92

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Almost one out of every _____ Americans collect over $900 billion in some kind of Social Security benefit.

A) 2
B) 4
C) 5
D) 6
E) 10

F) A) and B)
G) D) and E)

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Question 93

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The Education IRA was renamed the Coverdell Education Savings Account.

Explain the difference between a defined-contribution and defined benefit plan.

The EGTRRA was passed by Congress in 2001 and increased the employee annual contribution limit for employer-sponsored retirement plans.

Which one of the following is not a typical characteristic of a defined contribution plan?

Jasmine Smith owns a condo worth $240,000,a car valued at $25,000,and miscellaneous assets worth $7,500.Her retirement account,in which she is fully vested,contains $27,500 in mutual funds.Her net worth is $145,000.What are her total liabilities?

One of the misconceptions about retirement is that your expenses will drop when you retire.

Which of the following is a true statement about retirement planning?

With respect to your federal income taxes,which one of the following may you have to do during retirement,even if you did not have to do so prior to retiring?

You can depend on Social Security and your company pension to pay for your basic living expenses.

It is vital to engage in basic retirement planning activities throughout your working years.

Your Social Security payments will start at age 65 whether you apply for benefits or not.

Which type of annuity gives more income per dollar of outlay than any other type?

Your assets include everything you own that has value.

Immediate annuities provide income payments at once and are usually purchased with a lump-sum payment.

As its retirement plan contribution,Aaron Copeland's employer has been buying shares of the company's stock for Aaron's benefit.What type of retirement plan does Aaron most likely have?

What is most likely to be an individual's single biggest asset?

In a Roth IRA,contributions are not tax-deductible,but earnings can accumulate tax free.