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WorksheetsRetirement & Estate Planning - Final Assessment
Total questions: 10
Worksheet time: 5mins
Which of the following is considered to be the standard retirement age in the United States?
55
60
65
70
What percentage of household budgets do people over the age 50 spend on housing?
25 to 30 percent
30 to 35 percent
35 to 40 percent
40 to 45 percent
What percentage of income do people in their 80s usually spend on health care?
10 percent
15 percent
20 percent
30 percent
Which of the following is a saving certificate with a fixed maturity date and specified fixed interest rate?
IRA
Saving account
Certificate of Deposit
401(k)
Which of the following is a loan available to homeowners 62 years or older and allows them to convert part of the equity in their homes into cash?
Reverse mortgage
Fixed mortgage
Adjustable mortgage
Conventional mortgage
Which of the following is NOT a benefit of estate planning?
Avoiding confusion when it comes to final wishes
Ensuring children have the legal guardian of choice
Protecting loved ones by ensuring they receive assets from the estate
Maximizing taxes and legal expenses associated with the estate
Which of the following is a legal document in which the drafter outlines what to do with his or her property after death?
Will
Trust
Probate
Durable power of attorney
A drafter with a will is NOT able to do which of the following?
Choose the executor of his estate
Disinherit a spouse
Distribute property to beneficiaries of his or her choosing
Designate a guardian for minor children
Which of the following is usually created by the grantor during his or her lifetime through a transfer of property to a trustee?
Living trust
Testamentary trust
Unfunded trust
Revocable trust
Which of the following is a written document which specifies what types of medical treatment are desired should an individual become incapacitated?
Health-care proxy
Trust
Living will
Power of attorney
