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personal financial planning

Questions and Answers of Personal Financial Planning

Our society tends to save at a rate that is adequate for retirement planning.a. Trueb. False
How is inflation relevant to retirement planning
Why is it important to understand investment decisions and their conse- quences in retirement planning?
Why is it important to begin to save early for retirement planning?
What are the savings and investment concepts that are important to retire- ment planning?
As the RLE increases because of early retirement, there is generally an increased need of funds to finance the RLE and a shortened WLE in which to save and accumulate assets.a. Trueb. False
The RLE is the time period beginning at retirement and extending until death.a. Trueb. False
Approximately 93% of individuals retire between ages 60 and 70.a. Trueb. False
Explain the work life expectancy/retire- ment life expectancy dilemma.
When will most clients retire?
Define work life expectancy and retire- ment life expectancy.
What are the major factors affecting retirement planning?
Describe the sale of a personal residence and its tax exemption.
Understand capital gain holding periods and tax rates.
Understand basis and how it is determined and the various adjustments to basis.
Compare tax credits to deductions.
Identify various tax credits.
Determine the appropriate tax filing status.
Determine the number of personal and dependency exemptions.
Determine the standard deduction and additional standard deduction for varying filing statuses.
Understand what is adjusted gross income.
Determine which type of deduction is better above or below the line.
List itemized deductions.
List deductions for adjusted gross income.
Determine what is included and excluded in gross income.
Describe the tax formula for individual taxpayers.
Summarize the failure to pay, failure to file, accuracy related, and fraud penalties.
Identify the preparer penalties.
Describe the interest and penalties for noncompliance.
Identify the sources of tax law.
Describe three key tax principles.
Describe the three types of tax accounting.
Describe the three types of income.
Describe the three tax systems.
Which of the following statements is false?a. To be more conservative in planning for an individual’s retirement, extend the individual’s life expectancy.b. A Monte Carlo Analysis uses a random
Assume the same facts as in question 20 except that Robin would like to have the same purchasing power in retirement savings at age 95, as she does at age 60, when she retires. How much must Robin
Assume the same facts as in question 20 except that Robin would like to have the same amount in retirement savings at age 95, as she does at age 60, when she retires. How much must Robin save at the
Robin is planning for her retirement. She is currently 35 years old and plans to retire at age 60 and live until age 95.Robin currently earns $100,000 per year and anticipates needing 80% of her
Utilizing the facts given in Question 15, how much more will Bowie need at retirement to have the same amount at his death with an equal purchasing power as he will have(calculated in #16) at his
Utilizing the facts given in Question 15, how much more will Bowie need at retirement to have the same amount at his death as he will have (calculated in #15) at his retirement?a. $82,897.54.b.
Assuming the same facts as Question 15, approximately how much must Bowie save at the end of each year, from now until retirement, to provide him with the necessary capital balance assuming he has a
Bowie, age 52, has come to you for help in planning his retirement. He works for a bank, where he earns $60,000. Bowie would like to retire at age 62.He has consistently earned 8% on his investments
Charlie would like to retire in 11 years at the age of 66.He would like to have sufficient retirement assets to allow him to withdraw 90% of his current income, less Social Security, at the beginning
Kwame and Omarosa, both age 40, have $80,000 of combined retirement assets. They both expect to retire at the age of 65 with a life expectancy of 100 years old. They expect to earn 10% on the assets
Shelley saves $3,000 per year, for ten years, at the end of each year starting at age 26 and ending at age 35.She invests the funds in an account earning 10% annually.Shelley stops investing at age
Cathy and her twin sister Carley, both age 25, each believe they have the superior savings plan. Cathy saved $5,000 at the end of each year for ten years then let her money grow for 30 years. Carley
Roy and Barbara are near retirement. They have a joint life expectancy of 25 years in retirement. Barbara anticipates their annual income in retirement will need to increase each year at the rate of
Tyrone, age 25, expects to retire at age 60.He expects to live until age 90.He anticipates needing $45,000 per year in today’s dollars during retirement. Tyrone can earn a 12% rate of return and he
When Steve and Roslyn retire together they wish to receive $40,000 additional income(in the equivalent of today’s dollars) at the beginning of each year. They assume inflation will be 4% and they
Contributing $1,500 to his retirement fund at the end of each year beginning at age 18 through age 50, with an average annual return of 12%, how much does Juan have in his retirement account at this
Which factors may affect an individual’s retirement plan?• Work life expectancy.• Retirement life expectancy.• Savings rate.• Investment returns.• Inflation.a. 1 and 2b. 1, 2 and 3c. 1,
Tiffany, a self-employed dentist, currently earns $100,000 per year. Tiffany has always been a self proclaimed saver, and saves 25% per year of her Schedule C net income.Assume Tiffany paid $13,000
Susie has the following expenditures during the current year:Which of these expenditures would you expect to decrease during Susie's retirement?a. 2 only.b. 1 and 3.c. 2 and 4.d. 1, 2, 3 and 4.
Danny would like to determine his financial needs during retirement. All of the following are expenditures he might eliminate in his retirement needs calculation except:a. The $200 per month he
Margaret, a 35-year-old client who earns $45,000 a year, pays 7.65% of her gross pay in Social Security payroll taxes, and saves 8% of her annual gross income. Assume that Margaret wants to maintain
Which of the following expenditures will most likely increase during retirement?a. Clothing costs.b. Travel.c. FICA.d. Savings.
Why is sensitivity analysis important to retirement planning?
What assumption does the capital preservation model make to mitigate the risk of an individual outliving their retirement savings?
Explain how the annuity model calculates retirement needs.
Describe how Monte Carlo Analysis can be used in retirement planning.
Identify the main assumptions necessary for capital needs analysis.
List the three most common methods for analyzing an individual's capital needs.
Explain capital needs analysis and its importance to retirement planning.
List some of the common factors that negatively affect retirement planning.
List some of the qualitative considerations that are important in retirement planning.
Describe the importance of personal savings to an individual’s retirement income needs.
Explain how Social Security affects an individual's retirement income.
List the three most common sources of an individual’s retirement income.
How is the WRR calculated utilizing the budgeting approach?
How is the WRR calculated utilizing the top-down approach?
List the two alternative methods for calculating an individual’s wage replacement ratio.
Describe why a person may or may not need the same wage replacement percentage dollar amount or purchasing power amount throughout their entire retirement period.
What is the most common estimate range (in percentage terms) for the wage replacement ratio?
Define the wage replacement ratio.
List some of the common factors that decrease an individual’s retirement income needs.
List some of the common factors that increase an individual’s retirement income needs.
Why do an individual’s needs increase or decrease during retirement?
How is inflation relevant to a retirement plan?
Explain the importance of understanding investment decisions and their consequences in retirement planning.
Explain the importance of beginning a retirement savings plan early.
List the major savings and investment concepts that are important to retirement planning.
Explain the work life expectancy/retirement life expectancy dilemma.
What is the median retirement age for individuals in the U.S.?
Define retirement life expectancy.
Define work life expectancy.
List the major factors affecting retirement planning.
Discuss the various methods for sensitivity analysis as it is applied to capital needs analysis.
Calculate the capital needs analysis using a purchasing power approach.
Calculate the capital needs analysis using a capital preservation approach.
Calculate the capital needs analysis using an annuity approach.
Identify the various sources of retirement income.
Distinguish between the top down and the bottom up approaches to determining the wage replacement ratio.
Identify the costs that may decrease and those that may increase from pre-retirement to retirement.
Compare two of the common approaches to managing withdrawals.
Explain the impact of inflation on purchasing power.
Explain why saving early is usually better than saving later.
Draw the exponential graph representing the required investment assets as a percent of gross pay at various ages to age 65.
Identify the factors affecting retirement planning.
Prepare a closing engagement letter that includes the responsibility for implementation and monitoring.
Make a presentation to the client using current and projected financial statements and ratios.

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