Question 1

The first step in stretching your retirement income is to make sure you are receiving all the income to which you are entitled.

Accepted Answer

A) True 
 B)False

Question 2

What types of expenses might increase during retirement?

Accepted Answer

Medical expenses and...

Question 3

What is the most popular personal retirement plan?

Accepted Answer

A)   Deferred Profit Sharing Plan
B)   Registered Pension Plan
C)   Registered Retirement Savings Plan
D)   Canada Pension Plan
E)   New Seniors BenefitF) A) and E)
G) A) and B)

Question 4

At age 65,what is the average life expectancy of a woman?

Accepted Answer

A)   13 years
B)   16 years
C)   19 years
D)   11 years
E)   9 yearsF) A) and E)
G) C) and D)

Question 5

The contribution you are required to make to the CPP is fixed.

Accepted Answer

A) True 
 B)False

Question 6

You can qualify for reduced CPP retirement benefits at age 50.

Accepted Answer

A) True 
 B)False

Question 7

Your first step in retirement planning is to analyze your current assets and liabilities.

Accepted Answer

A) True 
 B)False

Question 8

Why is it important to review your assets and liabilities before your retirement?

Accepted Answer

Reviewing your assets and liab...

Question 9

In a reverse annuity mortgage,a lender uses your house as collateral to buy an annuity for you from a life insurance company.

Accepted Answer

A) True 
 B)False

Question 10

Which employer pension plan has an individual account for each employee?

Accepted Answer

A)   undefined-contribution plan
B)   defined-contribution plan
C)   defined-benefit plan
D)   undefined-benefit plan
E)   surplus-employee planF) C) and E)
G) D) and E)

Question 11

The exact amount of money you will need in retirement cannot be predicted accurately.

Accepted Answer

A) True 
 B)False

Question 12

In an RRSP,contributions are tax-deductible and earnings accumulate tax free.

Accepted Answer

A) True 
 B)False

Question 13

When a lender uses your house as collateral to buy an annuity for you from a life insurance company,it is called:

Accepted Answer

A)   an obverse annuity mortgage.
B)   mortgage life insurance.
C)   a reverse mortgage annuity.
D)   a fixed annuity with level premium.
E)   whole life insurance.F) C) and D)
G) A) and B)

Question 14

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

Accepted Answer

A)   I should update my retirement plan periodically.
B)   My pension benefits will increase to keep pace with inflation.
C)   Saving just a little bit won't help.
D)   My employer's health insurance plan will cover my medical expenses.
E)   Medicare will cover my medical expenses.F) B) and C)
G) A) and D)

Question 15

Your spending patterns during retirement will probably not change.

Accepted Answer

A) True 
 B)False

Question 16

The first step in stretching your retirement income is to make sure that you are

Accepted Answer

A)   contributing to the CPP.
B)   covered by an employer pension plan.
C)   contributing to a RRIF.
D)   saving funds in a RRSP.
E)   receiving all of the income to which you are entitled.F) A) and B)
G) A) and C)

Question 17

Only saving now and curtailing current spending can ensure comfortable retirement later.

Accepted Answer

A) True 
 B)False

Question 18

The exact amount of money you will need in retirement can be predicted accurately.

Accepted Answer

A) True 
 B)False

Question 19

What are important steps in retirement planning?

Accepted Answer

The first step is to analyze your assets...

Question 20

One of the following is not an advantage of the Canada Pension Plan retirement income:

Accepted Answer

A)   earned income partially offsets benefits.
B)   forced savings.
C)   portable from job to job.
D)   cost shared with employer.
E)   survivorship rights.F) A) and E)
G) B) and E)

Exam 14: Starting Early: Retirement and Estate Planning

What are important steps in retirement planning?

Correct AnswerverifiedThe first step is to analyze your assets...View AnswerShow Answer

The contribution you are required to make to the CPP is fixed.

Correct AnswerverifiedShow Answer

In a reverse annuity mortgage,a lender uses your house as collateral to buy an annuity for you from a life insurance company.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Why is it important to review your assets and liabilities before your retirement?

Correct AnswerverifiedReviewing your assets and liab...View AnswerShow Answer

One of the following is not an advantage of the Canada Pension Plan retirement income:

Correct AnswerverifiedShow Answer

At age 65,what is the average life expectancy of a woman?

Correct AnswerverifiedShow Answer

Your spending patterns during retirement will probably not change.

Correct AnswerverifiedShow Answer

The first step in stretching your retirement income is to make sure you are receiving all the income to which you are entitled.

Correct AnswerverifiedShow Answer

The exact amount of money you will need in retirement can be predicted accurately.

Correct AnswerverifiedShow Answer

You can qualify for reduced CPP retirement benefits at age 50.

Correct AnswerverifiedShow Answer

Your first step in retirement planning is to analyze your current assets and liabilities.

Correct AnswerverifiedShow Answer

When a lender uses your house as collateral to buy an annuity for you from a life insurance company,it is called:

Correct AnswerverifiedShow Answer

What is the most popular personal retirement plan?

Correct AnswerverifiedShow Answer

The first step in stretching your retirement income is to make sure that you are

Correct AnswerverifiedShow Answer

Which employer pension plan has an individual account for each employee?

Correct AnswerverifiedShow Answer

The exact amount of money you will need in retirement cannot be predicted accurately.

Correct AnswerverifiedShow Answer

Only saving now and curtailing current spending can ensure comfortable retirement later.

Correct AnswerverifiedShow Answer

What types of expenses might increase during retirement?

Correct AnswerverifiedMedical expenses and...View AnswerShow Answer

In an RRSP,contributions are tax-deductible and earnings accumulate tax free.

Correct AnswerverifiedShow Answer

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The first step is to analyze your assets...
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Reviewing your assets and liab...
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Medical expenses and...
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Correct Answer
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