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A retirement home is.


A) Independent living residences for retirees or semi-retirees in a community of healthy seniors.
B) A form of housing tenure.
C) A private business that provide seniors various combinations of accommodation, support services, and personal care.
D) A public business that provide seniors various combinations of accommodation, support services, and personal care.
E) A form of housing ownership.

F) B) and C)
G) B) and E)

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Even if it is a life annuity, payments cannot continue until death.

A) True
B) False

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If you save $300 per month and earn 9 percent interest per year you will have approximately how much money after 40 years?


A) $1.4 million
B) $900,000
C) $1.7 million
D) $2.1 million
E) $3.25 million

F) B) and E)
G) C) and D)

Correct Answer

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The housing needs of people do not change much as they grow older.

A) True
B) False

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You can determine your net worth by


A) subtracting your assets from your liabilities.
B) subtracting the value of your home from the mortgage balance.
C) adding your liabilities and assets.
D) subtracting your liabilities from your assets.
E) subtracting your expenses from your income.

F) All of the above
G) C) and D)

Correct Answer

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At age 65, what is the average life expectancy of a man?


A) 4 years
B) 7 years
C) 9 years
D) 12 years
E) 18 years

F) C) and D)
G) B) and E)

Correct Answer

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Which statement is correct about retirement planning of young professionals?


A) They don't want to retire with plenty of money.
B) They would rather save money now for retirement than spend it.
C) They are not worried about having enough money to retire comfortably.
D) Young people are in the best position to save.
E) Saving money does not come naturally to many young people.

F) B) and C)
G) A) and E)

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Unless it is indexed, an annuity provides no protection from inflation.

A) True
B) False

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In a reverse annuity mortgage, a lender uses your house as collateral to buy an annuity for you from a life insurance company.

A) True
B) False

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The Canada Pension Plan (CPP) includes disability, retirement, and survivor benefits.

A) True
B) False

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There are hardly any psychological benefits of working part-time during your retirement.

A) True
B) False

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Which one of the following expenditures for retirees is likely to increase?


A) clothing expenses
B) federal income taxes
C) provincial income taxes
D) work-related expenses
E) leisure activity expenses

F) C) and D)
G) B) and D)

Correct Answer

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A CMHC program that helps low-income homeowners, or landlords who own units occupied by low-income tenants, pay for repairs to bring their properties up to minimum health and safety standards and helps owners modify their homes to make them accessible to those who are disabled is called __________________


A) Canada Pension Plan
B) Home Adaptations for Seniors' Independence Program
C) Old Age Security
D) Emergency Repair Program
E) Residential Rehabilitation Assistance Program

F) A) and B)
G) C) and D)

Correct Answer

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It is vital to engage in basic retirement planning activities through your working years.

A) True
B) False

Correct Answer

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What is a RAM?


A) Reverse annuity mortgage
B) Residential annual mortgage
C) Royalty annuity mortgage
D) Risky annuity mortgage
E) Real estate annual mortgage

F) B) and E)
G) A) and E)

Correct Answer

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Which one(s) of the following is(are) tips from retirement specialists on how to uncover hidden taxes and other costs of a retirement area?


A) Contact the local Chamber of Commerce to get an economic profile.
B) Contact the provincial tax department to find out provincial, sales, and inheritance taxes.
C) Call a local accountant to find out which taxes are rising.
D) Rent for a while instead of buying immediately.
E) Contact the local Chamber of Commerce to get an economic profile, contact the provincial tax department to find out provincial, sales, and inheritance taxes, call a local accountant to find out which taxes are rising, and rent for a while instead of buying immediately are correct.

F) A) and D)
G) B) and E)

Correct Answer

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Staying in their present home is the alternative preferred by most of the persons who are approaching retirement.

A) True
B) False

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The exact amount of money you will need in retirement can be predicted accurately.

A) True
B) False

Correct Answer

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Which one of the following expenditures for retirees is likely to increase?


A) clothing expenses
B) federal income taxes
C) medical expenses
D) work-related expenses
E) provincial income taxes

F) A) and B)
G) A) and C)

Correct Answer

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During your retirement, your employer's health insurance plan and provincial health insurance will cover your medical expenses.

A) True
B) False

Correct Answer

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