1. People often take money they have accumulated during their working years and buy an annuity. All of the following are variations that are possible with an annuity EXCEPT:
Withdrawals can be immediate or deferred
Taxes are typically paid each year on the account balance
Contributions can be one large payment or installments over time
The amount of money received each year can be fixed or variable
Annuities can be purchased that may a death benefit if the annuitant dies
2. In the world of retirement money, the technical phrase for a shift of money from an employer-sponsored retirement plan to a personal retirement plan is:
Carry forward
Withdrawal
Rollover
Amortization
Down payment
3. Which of the following statements about reverse mortgages is NOT correct:
They can provide regular payments until a homeowner dies
Potential users are required to take a counselling course
Home owners are responsible for property taxes and home insurance
They are federally insured
Anyone is eligible for one if they have enough equity in their home