Question 1

Which one of the following is a true statement about retirement planning?

Accepted Answer

A)   I should update my retirement plan periodically.
B)   My pension benefits will increase to keep pace with inflation.
C)   Saving just a little bit won't help.
D)   My employer's health insurance plan will cover my medical expenses.
E)   Medicare will cover my medical expenses.F) B) and D)
G) A) and D)

Question 2

Even if it is a life annuity, payments cannot continue until death.

Accepted Answer

A) True 
 B)False

Question 3

Which one of the following expenditures for retirees is likely to decrease?

Accepted Answer

A)   food and medical care
B)   federal income taxes
C)   expenses for leisure activities
D)   medical expenses
E)   insuranceF) C) and D)
G) All of the above

Question 4

Federal programs are the major source of public retirement pensions.

Accepted Answer

A) True 
 B)False

Question 5

Staying in their present home is the alternative preferred by most of the persons who are approaching retirement.

Accepted Answer

A) True 
 B)False

Question 6

In reviewing your assets for retirement, you should increase premium payments by increasing the face value of your life insurance.

Accepted Answer

A) True 
 B)False

Question 7

An employee whose pension has not vested will lose all contributions to her pension plan if she transfers to a new employer.

Accepted Answer

A) True 
 B)False

Question 8

Which one of the following expenditures for retirees is likely to decrease?

Accepted Answer

A)   food and medical care
B)   clothing expenses
C)   expenses for leisure activities
D)   medical expenses
E)   insuranceF) A) and D)
G) All of the above

Question 9

When I retire, I can depend on the government and my company pension to pay for my basic living expenses.

Accepted Answer

A) True 
 B)False

Question 10

How can retirees avoid housing traps?

Accepted Answer

Retirees can avoid housing traps by writ...

Question 11

You can get a reverse mortgage annuity if:

Accepted Answer

A)   you are at least 55 years old.
B)   you are five years from retirement.
C)   your mortgage is largely or completely paid off.
D)   you are recently retired.
E)   you need a loan.F) B) and C)
G) D) and E)

Question 12

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 houseF) A) and E)
G) B) and C)

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.F) D) and E)
G) A) and E)

Question 14

Which of the following is not a public pension plan in Canada?

Accepted Answer

A)   CPP
B)   QPP
C)   OAS
D)   RRSP
E)   ETAF) A) and D)
G) None of the above

Question 15

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)   an adult lifestyle/retirement communities
E)   the Residential Rehabilitation Assistance ProgramF) A) and D)
G) A) and E)

Question 16

What types of housing options are available to retirees?

Accepted Answer

Staying in their present home, whether a...

Question 17

Your retirement will last only about 15 years.

Accepted Answer

A) True 
 B)False

Question 18

A housing alternative run by private businesses that provide seniors various combinations of accommodation, support services, and personal care is called __________________

Accepted Answer

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

Question 19

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.F) A) and E)
G) A) and D)

Question 20

At age 65, the life expectancy of a man is 7 years.

Accepted Answer

A) True 
 B)False

Exam 14: Retirement Planning

Which one of the following expenditures for retirees is likely to decrease?

Correct AnswerverifiedShow Answer

Federal programs are the major source of public retirement pensions.

Correct AnswerverifiedShow Answer

Staying in their present home is the alternative preferred by most of the persons who are approaching retirement.

Correct AnswerverifiedShow Answer

Which one of the following is a true statement about retirement planning?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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 __________________

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Your retirement will last only about 15 years.

Correct AnswerverifiedShow Answer

Which one of the following expenditures for retirees is likely to decrease?

Correct AnswerverifiedShow Answer

You can get a reverse mortgage annuity if:

Correct AnswerverifiedShow Answer

How can retirees avoid housing traps?

Correct AnswerverifiedRetirees can avoid housing traps by writ...View AnswerShow Answer

A housing alternative run by private businesses that provide seniors various combinations of accommodation, support services, and personal care is called __________________

Correct AnswerverifiedShow Answer

At age 65, the life expectancy of a man is 7 years.

Correct AnswerverifiedShow Answer

An employee whose pension has not vested will lose all contributions to her pension plan if she transfers to a new employer.

Correct AnswerverifiedShow Answer

Even if it is a life annuity, payments cannot continue until death.

Correct AnswerverifiedShow Answer

What types of housing options are available to retirees?

Correct AnswerverifiedStaying in their present home, whether a...View AnswerShow Answer

In reviewing your assets for retirement, you should increase premium payments by increasing the face value of your life insurance.

Correct AnswerverifiedShow Answer

When I retire, I can depend on the government and my company pension to pay for my basic living expenses.

Correct AnswerverifiedShow Answer

Which of the following is not a public pension plan in Canada?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Retirees can avoid housing traps by writ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Staying in their present home, whether a...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified