CFG Financial Planning for Older Adults

Question 1

What is a primary consideration in financial planning for older adults?

Accepted Answer

Income sustainability

Answer

Maximizing risk investments

Answer

Ignoring healthcare costs

Answer

Avoiding budgeting

Question 2

Which product helps provide guaranteed income during retirement?

Accepted Answer

Annuity

Answer

Savings account

Answer

Credit card

Answer

Mortgage

Question 3

What is the significance of long-term care planning?

Accepted Answer

Prepare for healthcare needs

Answer

Ignore future care

Answer

Only focus on investments

Answer

Avoid insurance

Question 4

How does inflation impact older adults' finances?

Accepted Answer

Reduces purchasing power

Answer

Increases purchasing power

Answer

Has no effect

Answer

Lowers costs

Question 5

What is the role of estate planning?

Accepted Answer

Manage distribution and taxes

Answer

Ignore asset management

Answer

Increase taxes

Answer

Delay planning

Question 6

Why is diversification important in retirement portfolios?

Accepted Answer

Reduce risk through diversification

Answer

Increase risk

Answer

Concentrate investments

Answer

Avoid investments

Question 7

What financial challenge is common for older adults?

Accepted Answer

Healthcare and unexpected costs

Answer

Unlimited income

Answer

No expenses

Answer

No budgeting needed

Question 8

How can older adults protect against fraud?

Accepted Answer

Stay informed and use advisors

Answer

Ignore scams

Answer

Share personal info freely

Answer

Avoid all financial planning

Question 9

Why is income planning essential for retirement?

Accepted Answer

Ensure sufficient retirement funds

Answer

Ignore income needs

Answer

Spend all savings early

Answer

Rely solely on Social Security