From “ A Tax Hit And A 403 ( b ),” pg . 33

1 . Withdrawing money from a retirement account to pay off a mortgage is not a good idea in which of the following situations ? A . When the interest rate on the mortgage is above 4 %. B . When there is only a small amount left on the loan . C . When the mortgage has a low interest rate . D . When it pushes the mortgage holder into a higher tax bracket .

2 . Which one these Social Security withdrawal strategies was changed in recent years so that it ’ s no longer available in some situations ? A . The filing of a restricted application . B . The filing for dependent children ’ s benefits . C . The ability to put off benefits until age 70 . D . The filing for spousal benefits . From “ Students Anxiously Await New Student Aid Rules ,” pg . 43 3 . In the future , the Expected Family Contribution calculation will be replaced with what ? A . A Student Aid Index B . A Pell Grant C . A Direct Loan D . FAFSA

4 . Who could be impacted by changes to the FAFSA ? A . Business owner parents B . Families with multiple kids in school concurrently C . Families in high-tax states D . All of the above From “ Where Annuities Fit In The Puzzle ,” pg . 45 5 . Another way to think of income annuities is as part of a bucketing strategy , in which annuities might fill which bucket ? A . Short-term goals

C . Long-term goals

B . Medium-term goals

D . All of the above

6 . Annuities can / should be looked at in all of the following ways except __________. A . As longevity insurance . B . As a way to provide guaranteed lifetime income even if you live past your life expectancy . C . As a hedge against having to sell assets to fund living expenses . D . As a protected way to generate the highest returns . From “ 5 Ideas For Clients To Delay Social Security Until Age 70 ,” pg . 48 7 . People had to take RMDs by age ___ a few years ago . This year that age rises to ___. A . 70½ , 73 B . 59½ , 73 C . 70½ , 75 D . None of the above

8 . What could help clients delay taking Social Security benefits to age 70 ? A . They could use an annuity . B . They could take their deceased spouse ’ s Social Security benefit . C . They could tap into 401 ( k ) s or IRAs instead . D . All of the above From “ Some Good News ( At Last ) For Long-Term-Care Insurance ,” pg . 52 9 . The long-term-care ( LTC ) insurance industry has a troubled history . Which one of the following is true ? A . Carriers originally overestimated usage rates and claims . B . Carriers charged too much and ultimately had to reimburse customers . C . Customers lived longer and care expenses grew faster than carriers originally anticipated . D . There were originally 12 carriers , but today there are only five .

10 . Among the first to reap the benefits of rising interest rates might be which one of the following ? A . Hybrid long-term-care policies linked to life insurance or annuities B . Stand-alone LTC policies C . Traditional LTC policies D . Medicare recipients

From “ A Tax Hit And A 403 ( b ),” pg . 33

1 . A mortgage “ recast ” has which one of the following advantages over a refinancing ? A . It lowers the interest rate . B . It uses an income table to determine the interest rate . C . It allows the holder to keep the same loan and interest rate as the original mortgage . D . It reduces the principal .

2 . Spousal Social Security benefits are which one of the following ? A . Benefits a spouse receives based on the wife or husband ’ s earning record . B . Benefits that can only be received if the person is divorced . C . Benefits that can be received if the spouse is not receiving his or her benefits .

D . Benefits that can be received if the beneficiary is under the age of 62 . From “ Students Anxiously Await New Student Aid Rules ,” pg . 43 3 . When is the Department of Education rolling out its simplified Free Application for Federal Student Aid form ( FAFSA )? A . July 2023 B . December 2023 C . January 2024 D . June 2024

4 . The number of questions on the simplified FAFSA form will be changed to ___ from ____. A . 25 , 58 C . 36 , 108 B . 36 , 90 D . 50 , 120 From “ Where Annuities Fit In The Puzzle ,” pg . 45 5 . Income annuities are “ a great choice ” for what part of the retirement plan ? A . Emergency expenses

C . Basic living needs

B . Luxury expenses

D . No part

6 . To figure out the best use of annuities in a retirement plan , you should do which one of the following ? A . Compare nondiscretionary living expenses to Social Security and other income sources . B . Compare nondiscretionary living expenses to discretionary expenses . C . Calculate your total legacy and charitable intentions . D . Weigh annuity expenses against annuity payouts . From “ 5 Ideas For Clients To Delay Social Security Until Age 70 ,” pg . 48 7 . Only ___ of men and ___ of women wait until age 70 to file for retirement benefits . A . 2 %, 8 % B . 5 %, 7 % C . 8 %, 10 % D . 12 %, 24 %

From “ Some Good News ( At Last ) For Long-Term-Care Insurance ,” pg . 52

9 . For providers of long-term-care ( LTC ) insurance , higher interest rates means ___. A . They ’ ll have to hike premiums . B . They ’ ll have to scale back benefits . C . They ’ ll have to tighten underwriting standards . D . They should be able to stop raising premiums on new policies and possibly even reduce them .

10 . The need for LTC planning is on the rise because of all of the following except _____. A . Medicare and Medicaid have seen budget cuts . B . The population is aging . C . The cost of care is rising . D . There are few alternatives to LTC insurance .

54 | FINANCIAL ADVISOR MAGAZINE | JUNE 2023 WWW . FA-MAG . COM