CFG Retirement Income & Estate Planning

Question 1

What is a primary source of retirement income?

Accepted Answer

Social Security benefits

Answer

Credit cards

Answer

Payday loans

Answer

High-interest debt

Question 2

What is the purpose of estate planning?

Accepted Answer

Manage assets and minimize taxes

Answer

Ignore asset distribution

Answer

Increase tax burden

Answer

Delay planning

Question 3

What is a trust in estate planning?

Accepted Answer

Legal arrangement for assets

Answer

A debt instrument

Answer

A type of insurance

Answer

A loan

Question 4

What is required to access retirement accounts without penalty?

Accepted Answer

Age 59½ or older

Answer

Any age

Answer

Under 50

Answer

No age restrictions

Question 5

How do beneficiary designations affect estate planning?

Accepted Answer

Determine asset recipients outside probate

Answer

Have no impact

Answer

Delay asset distribution

Answer

Increase taxes

Question 6

What is a common estate planning tool to avoid probate?

Accepted Answer

Living trust

Answer

Will

Answer

Credit card

Answer

Loan

Question 7

Why is retirement income diversification important?

Accepted Answer

Reduce risk with diversification

Answer

Increase risk

Answer

Rely on single source

Answer

Ignore income planning

Question 8

What does 'required minimum distribution' mean?

Accepted Answer

Mandatory annual withdrawal

Answer

Voluntary withdrawal

Answer

No withdrawal required

Answer

Penalty-free loans

Question 9

How does estate planning protect beneficiaries?

Accepted Answer

Ensures clear asset distribution

Answer

Causes disputes

Answer

Avoids asset transfer

Answer

Ignores client wishes