$1.$Which of the following statements is accurate?

Group of answer choices

Kate, age $75,$ is the $100\%$ owner of a company and an active participant in $401($k$)$ plan. Assuming she continues to work, she is not required to distribute from her $401($k$)$ plan.

Bill, age $72,$ is an active participant in his employer's sponsored plan. He also has an IRA account. Bill is not required to distribute a required minimum distribution $($RMD$)$ from his IRA account just yet.

Susan, who as an owner of a traditional IRA, had begun taking substantially equal periodic payments three years ago, is now age $60.$ Susan is not required to take a distribution this year.

Jamie, who is $82$ years old, owns a Roth IRA. Jamie is not required to take a required minimum distribution.

$2.$Your client is $55$ and has decided to retire from his company after $30$ years of service. Which of the following income sources would be available to him to help with his retirement cash flow and expenses?

Group of answer choices

Social Security retiree benefits

Medicare

One$$time penalty$$free distribution from his IRA

Recurring penalty$$free distributions from his employer$$s $401($k$)$

Tracy and Lee O'Brien, both age $61,$ are nearing their retirement age goal of $62.$ Both have enjoyed $35$year careers with the same private employer.

$3.$Currently they have a high$$deductible health care policy that is bridged with a Health Savings Account. They are attempting to steer clear of any potential risks to their retirement plan. Both are in exceptional health. They each have a well$$funded $401($k$)$ plan. If allocated with a $40\%$ equity, $60\%$ bond allocation, based on Monte Carlo analysis, the probabilities of success are greater than $95\%.$ Their current $401($k$)$ allocation model is composed of $75\%$ in stocks and $25\%$ in bonds. Both have pensions and Social Security benefits that will cover them for $65\%$ of their income needs. The remainder will come from invested assets. As their financial planner, you have been asked to provide additional advice to help them avoid potential hazards that could impact their retirement years.

Select all of the salient points that you will address during your discussions with Tracy and Lee.

Discuss long$$term care policies.

Discuss filling the gaps with health insurance before Medicare begins at age $65.$

Consider reducing equity exposure to a $40\%$ to $50\%$ allocation.

Consider allocating all assets to money markets and short$$term bonds.

Maintain the current allocation model, as it has proven successful the last $20$ years for the O'Briens.

Group of answer choices

I, II

I, II$,$ III

I, II$,$ IV

I, II$,$ V

$4.$Mackool LLC has four partners who each have a $25\%$ share. As part of their succession plan, the partners have decided to enter into a buy$$sell agreement. They have sat with their lawyer and insurance advisor. Upon leaving, how many life insurance policies will be required to complete a cross$$purchase agreement?

Group of answer choices

$4$

$8$

$12$

$16$