Exam 14: Planning for Retirement

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Judy,age 68,is receiving Social Security benefits.She received $45,000 in consulting income this year.Her Social Security benefits [will | will not] be reduced because of these earnings.

The maximum contribution to a Keogh plan in 2015 was $50,000.

Integrating a retirement plan with Social Security benefits typically increases a retiree's retirement income.

Starting later in life and being too conservative when investing are both common retirement planning mistakes.

Investment vehicles that systematically pays out benefits over an extended period of time are

If you are gradually vested in a retirement plan over a six-year period,the plan is a

Mandy and Michael Tombs are retiring soon.Their projected monthly Social Security benefits are $800 and $1,800,respectively.Assuming they are married and they select the best benefit alternative for them,how much will they receive monthly?

Reduced early retirement Social Security benefits can be received at age 60.

Single premium annuities result in single payment of proceeds.

A ____ plan combines some of the features of a defined contribution plan with features of a defined benefit plan to produce a plan that is more portable than a traditional defined benefit plan.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -The first step in retirement planning is to [set retirement goals | decide how much money you cam afford to set aside for retirement].

Even the best retirement plan needs to be reviewed every few years.

Annual increases in the Social Security benefit check are related to the

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Vested rights are [forfeitable | non-forfeitable] rights to receive some pension benefits.

An annuity is only as good as the insurance company that stands behind it.

The purpose of the Social Security retirement program is to

Employer matching contributions are common with ____ plans.

Once you begin drawing social security benefits,you will receive a fixed level of income for the remainder of your life.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Dan and Betty,both in their early 30s,want to withdraw $9,000 from their IRA to put toward the purchase of their first house.They [will | will not] have to pay a penalty.

For most workers,participation in the social security system is mandatory.