Exam 6: Retirement Savings and Income Planning

What is the amount of countable assets a married couple can retain when applying for Medicaid?

After calculating a comprehensive income-need analysis for Martha and Matt, you realize they need to start saving $100,000 per year to retire like Madonna will. What for projected cash-flow shortfall compensation strategy would you not suggest?

For Medicare Part A, how many days in the hospital is paid in full?

What are Section 457 plans also known as?

Of all the benefits possible for a company to employ; what one has the distinguishing feature establishing separate accounts for each participant, using a hypothetical account balance?

Your client wants to provide a retirement plan for their employees. What factor would you not consider when determining the best plan options?

The Employee Retirement Income Security Act demands there is a fiduciary to retirement plans. Who would not be considered a fiduciary?

Eleanor is about to retire. She is trying to determine how her Social Security benefits will be taxed. What item is not included in benefit determination?

Which of the following is NOT a requirement to qualify for Medicaid?

Which of the following is an optional benefit, rather than a benefit that all state programs must make available?

Cash balance plans are defined benefit plans with features similar to those of a defined contribution plan however, there are a few exceptions. What is a difference is particular to a cash balance plan?

What type of IRA is not subject to minimum distribution rules until the death of the owner?

John has broken his tow and insists he can no longer work - ever! He insists you help him start getting disability payments. You try to explain to John that:

There are tax consequences for committing a prohibitive transaction between a retirement plan and a disqualified persons or party; however, there are exemptions under the Prohibited Transactions Rules. Which is not an exception?

Which of the following includes immediate and deferred annuities?

There are several types of retirement plans that either contribution or defined plans. What are three-year vesting contribution and five-year vesting benefit plans referred to as for qualified plan vesting schedules?

In business succession planning, whose responsibility is it to hire a financial planner?

Which of the following is a decision required during the distribution phase?

Martha and Matt are retiring in 30 years and they want to make sure they have enough funds to maintain their lifestyle until they pass away. As a financial planner you know a comprehensive income-need analysis must be calculated. What calculation type would you not take into consideration for the analysis?

Which of the following can be excluded from the evaluation of countable assets?