Question 1

Your expenses for leisure activities will probably decrease during retirement.

Accepted Answer

A) True 
 B)False  False

Question 2

More than half of Americans ages 65 to 74 are still in the workforce.

Accepted Answer

A) True 
 B)False  True

Question 3

What types of expenses might increase during retirement?

Accepted Answer

Medical expenses,insurance,and expenses for leisure activities tend to increase with age.You will spend about the same on gifts and contributions,but these expenses will account for a larger percentage of your smaller income during retirement.

Question 4

Up to what percent of your Social Security benefits may be subject to federal income tax?

Accepted Answer

A) 10 
B) 25 
C) 50 
D) 75 
E) 85 
A) 10 
B) 25 
C) 50 
D) 75 
E) 85

Question 5

Saving now for the future requires tackling the trade-offs between spending and saving.

Accepted Answer

A) True 
 B)False

Question 6

You can get a reverse mortgage annuity if:

Accepted Answer

A) you are willing to sell your house immediately. 
B) you buy a new home and pay only a minimal down payment. 
C) your mortgage is largely or completely paid off. 
D) you owe more in monthly mortgage interest than the annuity amount. 
E) you are willing to allow your principal mortgage balance to increase monthly. 
A) you are willing to sell your house immediately. 
B) you buy a new home and pay only a minimal down payment. 
C) your mortgage is largely or completely paid off. 
D) you owe more in monthly mortgage interest than the annuity amount. 
E) you are willing to allow your principal mortgage balance to increase monthly.

Question 7

Once you retire,which of the following is true about drawing on your savings?

Accepted Answer

A) Timing depends on your financial circumstances. 
B) Timing depends on your age. 
C) Timing depends on how much you want to leave to your heirs. 
D) You should do so with caution. 
E) All of these are true. 
A) Timing depends on your financial circumstances. 
B) Timing depends on your age. 
C) Timing depends on how much you want to leave to your heirs. 
D) You should do so with caution. 
E) All of these are true.

Question 8

Your mortgage,car payments,credit card balances,and taxes due are all examples of your liabilities.

Accepted Answer

A) True 
 B)False

Question 9

You can put your IRA funds in many kinds of investments,including stock,bonds,mutual funds,real estate,and U.S.-minted gold and silver coins.

Accepted Answer

A) True 
 B)False

Question 10

Generally,the current value of your jewelry is not included in your assets.

Accepted Answer

A) True 
 B)False

Question 11

It is almost certain that your pension benefits will increase to keep pace with inflation.

Accepted Answer

A) True 
 B)False

Question 12

According to the 2015 Trustees Report,Social Security is not sustainable over the long term at current benefit and tax rates.

Accepted Answer

A) True 
 B)False

Question 13

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 14

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 15

If you are a government employee,you may have a Section 457 plan.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

Reviewing your assets and liabilities is

Question 17

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

Accepted Answer

A) Employer contributions 
B) Formula-based benefit 
C) Investments managed by plan officials 
D) Limited government-guaranteed benefit 
E) Employee required contributions 
A) Employer contributions 
B) Formula-based benefit 
C) Investments managed by plan officials 
D) Limited government-guaranteed benefit 
E) Employee required contributions

Question 18

Which of the following is a feature of an Education IRA?

Accepted Answer

A) Can be used for elementary and secondary school costs 
B) Renamed the Coverdell Education Savings Account 
C) Annual contribution limit of $2,000 for each child 
D) Non-deductible contributions 
E) All of these are features of an Education IRA. 
A) Can be used for elementary and secondary school costs 
B) Renamed the Coverdell Education Savings Account 
C) Annual contribution limit of $2,000 for each child 
D) Non-deductible contributions 
E) All of these are features of an Education IRA.

Question 19

People born after 1928 need at least how many quarters of coverage to qualify for Social Security benefits?

Accepted Answer

A) 20 
B) 40 
C) 60 
D) 80 
E) 100 
A) 20 
B) 40 
C) 60 
D) 80 
E) 100

Question 20

What type of annuity is generally purchased by people of retirement age?

Accepted Answer

A) Deferred annuity 
B) Immediate annuity 
C) Single-premium deferred annuity 
D) Flexible-premium deferred annuity 
E) Keogh annuity 
A) Deferred annuity 
B) Immediate annuity 
C) Single-premium deferred annuity 
D) Flexible-premium deferred annuity 
E) Keogh annuity

Your expenses for leisure activities will probably decrease during retirement.

More than half of Americans ages 65 to 74 are still in the workforce.

What types of expenses might increase during retirement?

Up to what percent of your Social Security benefits may be subject to federal income tax?

Saving now for the future requires tackling the trade-offs between spending and saving.

You can get a reverse mortgage annuity if:

Once you retire,which of the following is true about drawing on your savings?

Your mortgage,car payments,credit card balances,and taxes due are all examples of your liabilities.

You can put your IRA funds in many kinds of investments,including stock,bonds,mutual funds,real estate,and U.S.-minted gold and silver coins.

Generally,the current value of your jewelry is not included in your assets.

It is almost certain that your pension benefits will increase to keep pace with inflation.

According to the 2015 Trustees Report,Social Security is not sustainable over the long term at current benefit and tax rates.

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

Your first step in retirement planning is to:

If you are a government employee,you may have a Section 457 plan.

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

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

Which of the following is a feature of an Education IRA?

People born after 1928 need at least how many quarters of coverage to qualify for Social Security benefits?

What type of annuity is generally purchased by people of retirement age?

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health, Disability, and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stock

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Estate Planning

Filters

Exam 18: Starting Early: Retirement Planning

Your expenses for leisure activities will probably decrease during retirement.

More than half of Americans ages 65 to 74 are still in the workforce.

What types of expenses might increase during retirement?

Up to what percent of your Social Security benefits may be subject to federal income tax?

Saving now for the future requires tackling the trade-offs between spending and saving.

You can get a reverse mortgage annuity if:

Once you retire,which of the following is true about drawing on your savings?

Your mortgage,car payments,credit card balances,and taxes due are all examples of your liabilities.

You can put your IRA funds in many kinds of investments,including stock,bonds,mutual funds,real estate,and U.S.-minted gold and silver coins.

Generally,the current value of your jewelry is not included in your assets.

It is almost certain that your pension benefits will increase to keep pace with inflation.

According to the 2015 Trustees Report,Social Security is not sustainable over the long term at current benefit and tax rates.

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

Your first step in retirement planning is to:

If you are a government employee,you may have a Section 457 plan.

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

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

Which of the following is a feature of an Education IRA?

People born after 1928 need at least how many quarters of coverage to qualify for Social Security benefits?

What type of annuity is generally purchased by people of retirement age?

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health, Disability, and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stock

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Estate Planning

Filters