FICEP EXAM REPORTED QUESTIONS WITH CORRECT DETAILED ANSWERS
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Course
FICEP
Institution
FICEP
FICEP EXAM REPORTED QUESTIONS WITH CORRECT DETAILED ANSWERS
What effect did the Great Recession have on Americans' savings habits? - Answer-On average, they are now saving three percent of the annual income pared to fourteen percent in the 1970s.
What are the three levels of the savings pyrami...
FICEP EXAM REPORTED QUESTIONS
WITH CORRECT DETAILED ANSWERS
What effect did the Great Recession have on Americans' savings habits? - Answer-On
average, they are now saving three percent of the annual income pared to fourteen
percent in the 1970s.
What are the three levels of the savings pyramid? - Answer-Periodic savings, safety-net
accounts, and retirement or other long-term savings.
What is compounding? - Answer-Earning interest on the interest you've earned
previously and left in savings.
What is the Rule of Thirds? - Answer-College Cost = 1/3 savings + 1/3 grants and taxes
+ 1/3 parent and student loans
In community property states, how is property distributed among partners following
divorce? - Answer-Joint property is distributed equally.
How should part-time work during retirement fit into retirement savings plans? - Answer-
Part-time work can provide additional income to complement pensions and savings.
What is the biggest mistake members can make regarding their retirement savings? -
Answer-Not starting their retirement savings at all.
What is "sustainable draw"? - Answer-The amount you can withdraw without running
out of savings before you die.
What is the retirement age for retirees who want to receive full Social Security benefits?
- Answer-The age is gradually increasing past the age of 65.
How can a member manage retirement savings to keep up with inflation? - Answer-
They can take appropriate investment risks, keep costs low, and diversify investments.
What happens if you withdraw funds from tax-advantaged accounts, like 401(k)s, before
reaching the minimum retirement age of 59.5? - Answer-You must pay tax penalties.
When must you begin making withdrawals from tax-deferred retirement savings, such
as traditional IRAs? - Answer-Withdrawals must begin by age 70.5.
You suspect your neighbor is a possible victim of self-neglect; you should contact... -
Answer-Adult Protective Services
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