Life Insurance and Retirement Planning – SELF DIRECTED FINAL EXAM (CT 6000112037) (2023)

Sherman’s retirement savings arrangement permits no up-front deduction when he makes contributions, but he doesn’t have to pay tax later when he takes qualifying distributions. Which retirement arrangement does he have?

An applicable credit amount (formerly, unified credit) is available against the federal estate tax if:

Which of the following is NOT a characteristic of an “ideal” investment?

A worker’s Social Security retirement benefit is based on:

The effective sale of products for survivor retirement income funded with life insurance must rely on:

Marge has a flexible life insurance product that she has owned for 21 years. Marge wants to withdraw some cash, but she doesn’t want to incur an income tax liability. How much can Marge withdraw?

Yvonne tell you she would like to retire early. Which of the following is NOT true?

The amount of money that can be tax-deferred in an annuity is:

Mr. and Mrs. Waterson have sold their principal residence and have a tidy gain since they bought it 42 years ago. Generally, up to how much of the gain could the Watersons, as a couple filing jointly, expect to be allowed to exclude from taxable income?

Which of the following is NOT a statutory requirement for an employer-sponsored tax-qualified retirement plan?

Jenny is an insurance agent, and her client Marge is approaching retirement. Jenny and Marge should take all of the following steps EXCEPT which one?

Which of the following is the best tool to provide estate liquidity?

Which statement is NOT true with respect to deferred annuities?

Kevin owns an annuity that will make payouts for his life, and after his death, will refund the annuity balance to his named beneficiary if payouts have not yet equaled the amount he paid into the annuity. Which type of annuity does he own?

Which of the following is NOT one of the ways Modified Endowment Contracts (MECs) are penalized?

One of the best prospects for survivor retirement income funded with life insurance is:

Which of the following is a legal action to distribute property during which the estate is valued, fees are subtracted and taxes and debts are paid?

Which of the following is NOT true of Medicare Part D?

Sarah dies and all debts and expenses have now been paid from her estate. The amount left in her estate is known as which of the following?

Jim and Jen Watson have sold their principal residence and have a tidy gain since they bought it 42 years ago. Generally, up to how much of the gain could the Watsons as a couple filing jointly expect to be allowed to exclude from taxable income?

Aaron has a modest retirement fund. He should:

Annette owns a life insurance policy that requires her to share in the risk of any investment gains or losses. Which type of policy does she own?

When the need for long-term care arises:

When estimating retirement income from Social Security:

For many in the Baby Boom generation, Social Security benefits for early retirement will: