CFP 2022/2023 Exam- Retirement Planning with Verified Questions and Answers

CFP 2022/2023 Exam- Retirement Planning with Verified Questions and Answers How many quarters of coverage do you have to have to be fully eligible for SS? - CORRECT ANSWER 40 How are railroad employees covered for SS? - CORRECT ANSWER They arent, they have another retirement program What is the lump sum death benefit from SS? - CORRECT ANSWER $255 How long is the waiting period for SS disability benefits? - CORRECT ANSWER 5 months How long does someone have to be disabled for, and be expected to be disabled for to get benefits? - CORRECT ANSWER Been disabled for 12 months, is expected to be disabled for at least 12 months or suffered from a disability that is expected to result in death What is the maximum employer contribution to a defined contribution plan? - CORRECT ANSWER Lesser of 100% of salary or $57,000 Does a target benefit pension plan benefit older or younger employees? - CORRECT ANSWER Older Does a defined contribution plan benefit older or younger employees? - CORRECT ANSWER younger Does a defined benefit plan benefit older or younger employees? - CORRECT ANSWER older Are benefits for past service provided in a defined contribution plan? - CORRECT ANSWER no Are benefits for past service provided in a defined benefit plan? - CORRECT ANSWER yes For tax year 2020, what is the maximum permissable contribution amount to a defined benefit plan? A. $57,000 B. $230,000 C. $285,000 D. $450,000 E. None of the above - CORRECT ANSWER E; None of the above. It's determined by an actuary