Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

A housing alternative for seniors that provides independent living residences for retirees or semi-retirees in a community of healthy seniors is called __________________

Accepted Answer

A) life lease housing 
B) the Home Adaptations for Seniors' Independence Program 
C) a retirement home 
D) an adult lifestyle/retirement community 
E) the Residential Rehabilitation Assistance Program 
A) life lease housing 
B) the Home Adaptations for Seniors' Independence Program 
C) a retirement home 
D) an adult lifestyle/retirement community 
E) the Residential Rehabilitation Assistance Program

Question 3

A CMHC program that helps low-income homeowners in rural or remote areas make emergency repairs to keep their homes safe is called __________________

Accepted Answer

A) Canada Pension Plan 
B) Home Adaptations for Seniors' Independence Program 
C) Old Age Security 
D) Emergency Repair Program 
E) Residential Rehabilitation Assistance Program 
A) Canada Pension Plan 
B) Home Adaptations for Seniors' Independence Program 
C) Old Age Security 
D) Emergency Repair Program 
E) Residential Rehabilitation Assistance Program

Question 4

Which housing alternative is preferred by most persons who are approaching retirement?

Accepted Answer

A) house sharing 
B) ECHO unit 
C) accessory apartment 
D) present home 
E) boardinghouse/rooming house 
A) house sharing 
B) ECHO unit 
C) accessory apartment 
D) present home 
E) boardinghouse/rooming house

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Your first step in retirement planning is to:

Accepted Answer

A) estimate your spending needs. 
B) analyze your current assets and liabilities. 
C) adjust your spending needs for inflation. 
D) evaluate your planned retirement income. 
E) determine if you'll have to work during retirement. 
A) estimate your spending needs. 
B) analyze your current assets and liabilities. 
C) adjust your spending needs for inflation. 
D) evaluate your planned retirement income. 
E) determine if you'll have to work during retirement.

Question 7

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. 
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.

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

At age 65, the life expectancy of a woman is 21 years.

Accepted Answer

A) True 
 B)False

Question 10

According to most financial planners, you will need about __________ percent of your current pre-tax income to maintain your standard of living in retirement.

Accepted Answer

A) 50 
B) 60 
C) 70 
D) 80 
E) 90 
A) 50 
B) 60 
C) 70 
D) 80 
E) 90

Question 11

A housing alternative for seniors in which a tenant is given the right to live in a dwelling unit in return for an upfront payment and monthly maintenance fees is called __________________

Accepted Answer

A) a retirement home 
B) the Home Adaptations for Seniors' Independence Program 
C) life lease housing 
D) Adult retirement community 
E) the Residential Rehabilitation Assistance Program 
A) a retirement home 
B) the Home Adaptations for Seniors' Independence Program 
C) life lease housing 
D) Adult retirement community 
E) the Residential Rehabilitation Assistance Program

Question 12

Which one(s) of the following is (are) misconceptions about retirement planning?

Accepted Answer

A) My expenses will drop when I retire. 
B) My retirement will last only 15 years. 
C) I can depend on government benefits. 
D) I can depend on my company pension. 
E) My expenses will drop when I retire, my retirement will last only 15 years, I can depend on government benefits, and my company pension are misconceptions. 
A) My expenses will drop when I retire. 
B) My retirement will last only 15 years. 
C) I can depend on government benefits. 
D) I can depend on my company pension. 
E) My expenses will drop when I retire, my retirement will last only 15 years, I can depend on government benefits, and my company pension are misconceptions.

Question 13

Some retirement planning experts suggest that you start retirement planning while you are:

Accepted Answer

A) in school. 
B) in college. 
C) in graduate school. 
D) middle-aged. 
E) still employed. 
A) in school. 
B) in college. 
C) in graduate school. 
D) middle-aged. 
E) still employed.

Question 14

At age 65, the life expectancy of a woman is 13 years.

Accepted Answer

A) True 
 B)False

Question 15

Annuities are meant to provide retirement income in much the same way as a salary provides regular income.

Accepted Answer

A) True 
 B)False

Question 16

If a retiree wishes a predictable income in retirement, at the age of 71 she should transfer her RRSP into a(n) _________________.

Accepted Answer

A) RRIF 
B) Annuity 
C) Mutual fund 
D) Cash 
E) GIC 
A) RRIF 
B) Annuity 
C) Mutual fund 
D) Cash 
E) GIC

Question 17

An annuity in which you receive an income for the rest of your life, but no payments are made to anyone after your death is called:

Accepted Answer

A) fixed-term annuity. 
B) life annuity. 
C) installment refund annuity. 
D) Registered Retirement Income Fund. 
E) money purchase pension plan 
A) fixed-term annuity. 
B) life annuity. 
C) installment refund annuity. 
D) Registered Retirement Income Fund. 
E) money purchase pension plan

Question 18

At age 65, the life expectancy of a man is 18 years.

Accepted Answer

A) True 
 B)False

Question 19

Which statement is correct regarding retirement living expenses?

Accepted Answer

A) It is impossible to estimate your spending needs. 
B) Your spending patterns will probably change. 
C) You'll use a smaller amount of money for food, housing, and medical care. 
D) Your spending patterns will probably not change. 
E) The exact amount of money you'll need can be accurately predicted. 
A) It is impossible to estimate your spending needs. 
B) Your spending patterns will probably change. 
C) You'll use a smaller amount of money for food, housing, and medical care. 
D) Your spending patterns will probably not change. 
E) The exact amount of money you'll need can be accurately predicted.

Question 20

Over the last two decades, companies have switched their retirement plans from ______________ to _______________.

Accepted Answer

A) RPPs; GRRSPs 
B) DPSPs; defined-benefits 
C) defined benefits; defined contributions 
D) defined contributions; defined benefits 
E) DPSPs; defined contributions 
A) RPPs; GRRSPs 
B) DPSPs; defined-benefits 
C) defined benefits; defined contributions 
D) defined contributions; defined benefits 
E) DPSPs; defined contributions

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

A housing alternative for seniors that provides independent living residences for retirees or semi-retirees in a community of healthy seniors is called __________________

A CMHC program that helps low-income homeowners in rural or remote areas make emergency repairs to keep their homes safe is called __________________

Which housing alternative is preferred by most persons who are approaching retirement?

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

Your first step in retirement planning is to:

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

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

At age 65, the life expectancy of a woman is 21 years.

According to most financial planners, you will need about __________ percent of your current pre-tax income to maintain your standard of living in retirement.

A housing alternative for seniors in which a tenant is given the right to live in a dwelling unit in return for an upfront payment and monthly maintenance fees is called __________________

Which one(s) of the following is (are) misconceptions about retirement planning?

Some retirement planning experts suggest that you start retirement planning while you are:

At age 65, the life expectancy of a woman is 13 years.

Annuities are meant to provide retirement income in much the same way as a salary provides regular income.

If a retiree wishes a predictable income in retirement, at the age of 71 she should transfer her RRSP into a(n) _________________.

An annuity in which you receive an income for the rest of your life, but no payments are made to anyone after your death is called:

At age 65, the life expectancy of a man is 18 years.

Which statement is correct regarding retirement living expenses?

Over the last two decades, companies have switched their retirement plans from to _.

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Banking Services of Financial Institutions

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

The Finances of Housing

Home and Automobile Insurance

Life, Health, and Disability Insurance

Fundamentals of Investing

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Estate Planning

Filters

Exam 14: Retirement Planning

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

A housing alternative for seniors that provides independent living residences for retirees or semi-retirees in a community of healthy seniors is called __________________

A CMHC program that helps low-income homeowners in rural or remote areas make emergency repairs to keep their homes safe is called __________________

Which housing alternative is preferred by most persons who are approaching retirement?

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

Your first step in retirement planning is to:

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

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

At age 65, the life expectancy of a woman is 21 years.

According to most financial planners, you will need about __________ percent of your current pre-tax income to maintain your standard of living in retirement.

A housing alternative for seniors in which a tenant is given the right to live in a dwelling unit in return for an upfront payment and monthly maintenance fees is called __________________

Which one(s) of the following is (are) misconceptions about retirement planning?

Some retirement planning experts suggest that you start retirement planning while you are:

At age 65, the life expectancy of a woman is 13 years.

Annuities are meant to provide retirement income in much the same way as a salary provides regular income.

If a retiree wishes a predictable income in retirement, at the age of 71 she should transfer her RRSP into a(n) _________________.

An annuity in which you receive an income for the rest of your life, but no payments are made to anyone after your death is called:

At age 65, the life expectancy of a man is 18 years.

Which statement is correct regarding retirement living expenses?

Over the last two decades, companies have switched their retirement plans from ______________ to _______________.

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Banking Services of Financial Institutions

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

The Finances of Housing

Home and Automobile Insurance

Life, Health, and Disability Insurance

Fundamentals of Investing

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Estate Planning

Filters

Over the last two decades, companies have switched their retirement plans from to _.