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Essentials Of Retirement Planning 2nd Edition Eric Robbins - Solutions
Understand the purpose of long-term care (LTC) insurance.
Identify a solution to an early retirement gap in health care coverage.
Describe the various benefits and restrictions available within Medicare.
Identify ways that a house could be used as a financial asset and still remain the primary residence.
Understand the potential concerns to consider relative to out-of-state retirement.
Describe alternatives to downsizing.
Identify the common options for downsizing a client’s housing situation.
What is the recommended method for selecting an investment return rate?
Why is it not recommended to simply use the long-term inflation average of 3.34 percent as the inflation assumption in retirement planning projections?
Does everyone receive the same replacement percentage from Social Security?
What is the recommended range of replacement ratios? Why would the range be less than 100 percent?
What trends are visible in the life expectancy data presented in this chapter?
How should a life expectancy be chosen for a given client?
What are some of the risks posed by early retirement?
Is it true that the normal retirement age is termed so because that is when most people tend to retire?
Understand how retirement planning investment assumptions can be formed.
Describe the impact of inflation on retirement.
Describe the expense method approach for planning a retirement lifestyle.
Describe the replacement ratio approach for planning a retirement lifestyle.
Describe the different psychological standard of living factors for clients in different stages of their careers.
Understand how to establish a life expectancy assumption.
Understand the likelihood of retiring at the normal retirement age (NRA).
A taxpayer was forced to retire (layoff) at age 63.She files for early Social Security benefits and begins to receive a check for $1,976.43.Six months later, she is able to find a part-time job where she can earn $1,700 per month. This is not enough to cover the living expenses and so she needs to
A worker born in 1953 is currently planning to file for deferred Social Security benefits at age 68.How much benefit could he expect to receive if his PIA at his NRA would equal $2,473.49?
A married couple who have been retired for several years have an annual pension from their previous employer equal to $25,000 per year. The combined required IRA distribution for this couple is$12,500. They have taxable capital gains income of $4,500 from their non-IRA account. They have combined
What would happen if the individual whose PIA you just calculated needed to retire at age 63 instead of the NRA of 66?
Using the AIME you calculated in the previous question, what is this individual’s PIA (using 2015 AIME bend points), assuming that he retires at the NRA?
Below is a series of indexed annual salaries for an individual. He began with a $45,000 indexed salary straight out of college and had annual increases of 3 percent with the exception that every seven years he changed jobs and received a salary increase larger than 3 percent. What is this
A tragic car accident claimed the life of a devoted husband and father.The survivors are a 45-year-old wife, a 24-year-old mentally disabled child who has been disabled from birth, a 21-year-old college student, and an 18½-year-old who will be graduating high school in another 10 months. What are
A certain couple divorced five years ago. They were married for eight years and neither has remarried. The ex-wife is now 66 years old and interested in applying for Social Security. What are her options?
One of your uncles, who was born in 1948 tells you that he is planning to retire with full Social Security benefits this year at age 65.What advice would you give your uncle?
What is the earliest age at which a retired worker is eligible to receive Social Security benefits?
A certain woman has been out of the workforce for the last 10 years as she has been focusing on raising three children. She has recently decided to reenter the job market. How long will she need to work before her spouse would be eligible for surviving spouse benefits, should that unfortunate
She then stopped working to care for her mother who was in failing health. How many quarters of coverage does Stacey earn for this taxable year?
Stacey earned compensation totaling $11,000 from a single employer between January 1 and April
Some people say that Social Security creates moral hazard. Why would they say such a thing?
Social Security is arguably the most important retirement system in America, yet some workers are not covered under Social Security.Who are these people?
Determine when it might be appropriate to file for early Social Security benefits.
Calculate the portion of Social Security benefits that is subject to income taxes.
Explain how to apply for Social Security benefits.
Identify the implications of taking benefits either early or late.
Understand how Social Security benefits are calculated.
Identify what coverage is available for a surviving spouse.
Understand the different coverage programs offered by Social Security.
Understand the differences between being fully insured and currently insured for Social Security purposes.
Identify who is and who is not covered by Social Security.
Is a comfortable retirement guaranteed for those who have an employer-sponsored plan and save privately using a customized financial plan?
What are some of the common roadblocks to retirement?
What retirement planning issues are more prone to affect female clients?
What is the one retirement planning issue that all college students should know about if they plan to work for a small business upon graduation?
A 55-year-old decides to pay a professional to develop a financial plan. Once the plan is designed and implemented, the taxpayer feels that there is no need to pay further fees to a financial professional because the plan is now in place and on autopilot. Is this thinking correct?
Some retirees have been sold the notion that a 6 to 7 percent withdrawal rate from their savings is sustainable. Is this wise? Why or why not?
Two financial planning students are discussing their career intentions. One says to the other that he is considering a career in personal financial planning because he likes the fact that it is a relatively precise science that involves applying a formula to a client and coming up with a savings
What has been described in this chapter as perhaps the most important step in the financial planning process, which is sadly sometimes missed?
Discuss common roadblocks to retirement planning success.
Be aware of the traditional interaction of women in the retirement planning process.
Identify the general availability of defined benefit (DB) and defined contribution (DC) plans.
Understand the key steps in the retirement planning process.
Identify the general role of the retirement planner.
Understand how the retirement lifestyle has changed over time.
A client approaches you about converting $30,000 from his traditional IRA into his Roth IRA. He has a 15 percent effective tax rate.He has only $1,500 in savings that could be used to pay the conversion taxes. He is planning on withholding the remainder of the taxes from the assets that are being
A client of yours has a taxable account, a 401(k), and a traditional IRA, which was the result of a rollover from a previous employer’s profit sharing plan. He is thinking about converting his traditional IRA into a Roth IRA. He is concerned about realizing a substantial amount of additional
What type of client might be a good candidate for a Roth conversion?
A taxpayer is expecting the tax rate to increase during retirement due to an expected inheritance. Should he be saving in a Roth IRA or a traditional IRA?
A married taxpayer recently died, leaving his surviving spouse with a taxable account balance of $424,000. The original cost basis was $78,000. What is the surviving spouse’s new cost basis in this account?
Give one advantage of using a taxable account as a repository for savings.
What choice should investors make if they are given the option of choosing a Roth IRA contribution or a nondeductible traditional IRA contribution?
A client of yours has spoken to his long-time bank about receiving a loan to start a small business. His only collateral that is large enough to secure the loan is his IRA. The bank is not willing to use his IRA as collateral. Your client is very frustrated and is planning on changing banks. What
A 35-year-old taxpayer is planning on contributing the maximum amount to her IRA this year. Assume that she is eligible to do so.She is planning on contributing shares of a technology company that she owns in a taxable (non-IRA) account because she thinks that this company will appreciate
A 49-year-old retirement saver has decided to use a self-directed IRA to purchase a self-storage unit. There are 100 units in the facility, and the owner uses one unit to store rental unit supplies and one to store the owner’s Porsche during the winter months. The entire IRA balance was invested
Why would a retirement saver want to go through the hassle of using a self-directed IRA?
Is it true that individual retirement annuities enable a retirement saver to save more money than using an individual retirement account?
Why would an investor choose to invest in an individual retirement annuity?
There are two different types of accounts that are both known as IRA. Discuss their differences.
Describe the Roth IRA conversion process and its usefulness.
Discuss when a traditional IRA or a Roth IRA might be a better choice for a taxpayer.
Identify prohibited investments within an IRA.
Understand the uses and pitfalls of a self-directed IRA.
Describe the two instruments that can be used to fund an IRA.
What is the most common event that could create an excess contribution, and how is the problem remedied?
What is the five-year rule as it pertains to Roth IRAs?
What is the process for a Roth conversion?
Why should someone prefer a direct rollover to an indirect rollover?
A friend tells you that he thinks that you are not able to make nondeductible traditional IRA contributions because you earn $500,000 per year. Is this correct?
A married couple, who files a joint tax return, has combined AGI in 2015 of $135,000. The husband is an active participant in his employer’s 401(k), but the wife stays at home to raise their two-yearold daughter. Her only source of income is a rental property that she inherited from her
You are married and also covered by a SIMPLE plan at the small company where you earn a salary of $150,000. You would like to save more and heard from someone on MSNBC that if you are not an active participant you can contribute to an IRA. What are your options?
Is it true that catch-up contributions are available to taxpayers after they reach age 55?
When should someone begin making contributions to an IRA?
What is the difference between tax-deferred growth and tax-free growth?
How is a Roth IRA different from a traditional IRA?
Compare traditional IRAs to qualified plans.
Understand what creates an excess IRA contribution and how it is handled.
Understand how a Roth IRA conversion functions.
Determine who is eligible to make Roth IRA contributions.
Determine if a taxpayer is eligible to make deductible or nondeductible IRA contributions.
Identify the Internal Revenue Service (IRS)-imposed income thresholds that apply to IRAs and Roth IRAs.
Understand the significance of being deemed an active participant.
Understand the difference between the two types: a traditional IRA and a Roth IRA.
What is the difference between phantom stock and SAR?
Why is a §83 election a risky bet for an employee with restricted stock?
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