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Exam 18: Starting Early: Retirement Planning

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Question 51

Multiple Choice

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You can get a reverse mortgage annuity if:

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.

F) A) and E)
G) B) and C)

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Question 52

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The Social Security office will require you to provide proof of your age.

A) True
B) False

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Question 53

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Describe some of the most common retirement misconceptions,and explain what you should do if you hold to any of those misconceptions.

The time to begin saving is when you are young.

As people reach retirement age,what is the most likely housing choice they would make? Assume they are moving to a new geographic area.

Social Security benefits do not increase even if the cost of living increased during the preceding year.

You can borrow from your Roth IRA.

Besides Social Security,the federal government administers several other retirement plans for federal government and railroad employees.

Bruce Willis has been making contributions into an individual retirement account on behalf of his nonworking wife.What type of individual retirement account is this?

At a 3 percent rate of inflation approximately how many years will it take for prices to double?

Which statement is correct regarding retirement living expenses?

The shift to defined-contribution plans has forced employees to take more responsibility for their retirement.

If you think you want to live in another city during retirement,it's a good idea to plan vacations now in areas you might enjoy later.

What are the two most popular personal retirement plans?

You can convert your traditional IRA to a Roth IRA.

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

All earnings in a tax-sheltered annuity grow without current federal taxation.

Profit-sharing plans or 401(k)plans are examples of defined-contribution plans.

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

A joint-and-survivor annuity pays its installments until the death of the last designated survivor.