Question 1

Women outlive men by how many years?

Accepted Answer

A)  1
B)  2
C)  3
D)  4
E)  5F) C) and D)
G) All of the above C

Question 2

A(n)  ____________ is appealing because it allows people to stay in their homes as they grow older and frail.

Accepted Answer

A)  accessory apartment
B)  caretaker arrangement
C)  commercial rental
D)  universal design home
E)  congregate housingF) A) and B)
G) A) and C)

Question 3

At age 65, the life expectancy of a man is 14 years.

Accepted Answer

A) True 
 B)False

Question 4

The people who are in the best position to save are:

Accepted Answer

A)  middle-aged.
B)  young adults in their 20s.
C)  people in their 30s.
D)  teenagers.
E)  elderly.F) B) and D)
G) A) and B)

Question 5

You can expect to spend about ________ years in retirement

Accepted Answer

A)  5-10
B)  11-15
C)  16-20
D)  21-25
E)  26 or moreF) B) and E)
G) None of the above

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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) A) and B)
G) C) and D)

Question 8

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) C) and D)
G) A) and E) A

Question 9

Federal programs are the major source of public retirement pensions.

Accepted Answer

A) True 
 B)False

Question 10

What is the most popular personal retirement plan?

Accepted Answer

A)  Deferred Profit Sharing Plan
B)  Registered Pension Plan
C)  Registered Retirement Savings Plan
D)  Canada Pension Plan
E)  New Seniors BenefitF) B) and D)
G) B) and C)

Question 11

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 12

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) B) and D)
G) B) and C)

Question 13

Many people make the move into retirement housing without:

Accepted Answer

A)  considering seasonal factors.
B)  experiencing many obstacles.
C)  a spouse or companion.
D)  doing enough research.
E)  the proper accommodations.F) A) and D)
G) B) and D)

Question 14

To stretch your income during retirement, you could

Accepted Answer

A)  skip leisure activities.
B)  cut your food expenditures.
C)  cancel your life and property insurance.
D)  use your skills and time instead of your money.
E)  not travel.F) A) and D)
G) None of the above

Question 15

At age 65, what is the average life expectancy of a woman?

Accepted Answer

A)  9 years
B)  12 years
C)  15 years
D)  21 years
E)  30 yearsF) C) and E)
G) B) and D)

Question 16

Be certain you don't let your ____________ birthday roll by without a comprehensive retirement plan.

Accepted Answer

A)  25th
B)  35th
C)  45th
D)  55th
E)  65thF) None of the above
G) A) and D)

Question 17

Which statement is correct regarding retirement living expenses?

Accepted Answer

A)  It is impossible to estimate your spending needs.
B)  The exact amount of money you'll need is impossible to predict.
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.F) A) and C)
G) B) and D)

Question 18

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 B)
G) A) and C)

Question 19

Which of the following is not a non-pension saving.

Accepted Answer

A)  Registered Retirement Savings Plan
B)  Deferred Profit Sharing Plan
C)  Tax-Free Savings Accounts
D)  Reverse mortgage
E)  Guaranteed Income SupplementF) A) and B)
G) B) and C) E

Question 20

The first step in stretching your retirement income is to make sure that you are

Accepted Answer

A)  contributing to the CPP.
B)  covered by an employer pension plan.
C)  contributing to a RRIF.
D)  saving funds in a RRSP.
E)  receiving all of the income to which you are entitled.F) A) and E)
G) B) and C)

Exam 14: Retirement Planning

Women outlive men by how many years?

Correct AnswerverifiedC

A(n) ____________ is appealing because it allows people to stay in their homes as they grow older and frail.

Correct AnswerverifiedShow Answer

At age 65, the life expectancy of a man is 14 years.

Correct AnswerverifiedShow Answer

The people who are in the best position to save are:

Correct AnswerverifiedShow Answer

You can expect to spend about ________ years in retirement

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedA

Federal programs are the major source of public retirement pensions.

Correct AnswerverifiedShow Answer

What is the most popular personal retirement plan?

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

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

Correct AnswerverifiedShow Answer

Many people make the move into retirement housing without:

Correct AnswerverifiedShow Answer

To stretch your income during retirement, you could

Correct AnswerverifiedShow Answer

At age 65, what is the average life expectancy of a woman?

Correct AnswerverifiedShow Answer

Be certain you don't let your ____________ birthday roll by without a comprehensive retirement plan.

Correct AnswerverifiedShow Answer

Which statement is correct regarding retirement living expenses?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is not a non-pension saving.

Correct AnswerverifiedE

The first step in stretching your retirement income is to make sure that you are

Correct AnswerverifiedShow Answer

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A

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E

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