Module 1

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Module 1
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  1. Retirement planning is exclusively about old age.

    a) True
    b) False
    b) False

    Retirement planning spans the client’s life cycle. Planners need to instruct clients that retirement planning is not a function restricted to later life.
  2. Retirement defies a regular definition because there are too many variables, lifestyle choices, and contingencies that make it unique for each client.

    a) True
    b) False
    a) True
  3. Survey after survey indicates that retirement planning is a top consumer priority.

    a) True
    b) False
    a) True
  4. The number of 85-year-olds will quadruple by 2050.

    a) True
    b) False
    a) True
  5. Men provide more caregiving than women in the United States.

    a) True
    b) False
    b) False

    Women account for approximately 72 percent of caregivers in the United States.
  6. Only 1 percent of children are living in homes with grandparents.

    a) True
    b) False
    b) False

    Almost 8 percent of all children are living in homes with grandparents.
  7. Serving the client’s retirement planning needs often means coordinating with other financial services professionals as well as geriatric care managers.

    a) True
    b) False
    a) True
  8. During the savings phase of retirement planning, clients often start to limit expenses and save all their salary increases in a 401(k) plan or IRA

    a) True
    b) False
    b) False

    During the savings phase, clients are often preoccupied with other financial objectives. Planners need to encourage clients to save for retirement and to use rollovers when changing jobs. Limiting expenses and saving salary increases often happens in the later part of the increased preparation and visualization phase.
  9. Most people report that they have enough knowledge to make appropriate investment decisions for retirement.

    a) True
    b) False
    b) False

    According to the 10th Annual Transamerica Retirement Services survey, 68 percent of workers either strongly agree or agree somewhat that they do not know as much about investing as they should.
  10. Less than 10 percent of retirement plan participants contribute the maximum to their plan

    a) True
    b) False
    a) True
  11. The inability to keep track of money and bills is an activity of daily living (ADL).

    a) True
    b) False
    b) False

    The inability to keep track of money and bills is known as an instrumental activity of daily living (IADL).
  12. The litany of biological changes in the aging process includes mundane changes such as lentigo, which is discoloration or spotting that occurs on the face, backs of the hands, and forearms of people over 50.

    a) True
    b) False
    a) True
  13. Fifty percent of people over age 65 develop dementia.

    a) True
    b) False
    b) False

    Only 10 percent of people over 65 develop dementia.
  14. One trend in our current pension system that threatens retirement security is a shift from defined-benefit to defined-contribution plans.

    a) True
    b) False
    a) True
  15. The trend is to increase employer-sponsored medical coverage for retirees.
    a) True
    b) False
    b) False

    Just the opposite is true. The trend is toward significant cutbacks in employer-sponsored medical coverage.
  16. Around 90 percent of all individuals aged 65 and older report Social Security as a source of income.

    a) True
    b) False
    a) True
  17. Social Security is structured to provide an adequate retirement income for many Americans.

    a) True
    b) False
    b) False

    Social Security is only structured to provide a base income. What’s more, the higher the income level, the less of a help it is.
  18. Defined-benefit plans can fund for past service.

    a) True
    b) False
    a) True
  19. Income from private pensions represents about 50 percent of all retirement income.

    a) True
    b) False
    b) False

    Income from pensions is only about 20 percent of retirement income.
  20. When retirement seminars are offered, 401(k) participation jumps 17 percent.

    a) True
    b) False
    a) True
  21. Fiscal welfare is a type of social benefit that contains eligibility criteria designed to encourage the able-bodied poor to work by providing minimal benefits.

    a) True
    b) False
    b) False

    The statement describes social assistance. Fiscal welfare is an indirect payment made to individuals through the tax system.
  22. Contributions to a 401(k) plan are eligible for the retirement savings contribution credit.

    a) True
    b) False
    a) True
  23. A married person whose adjusted gross income is $150,000 can qualify for the retirement savings contribution credit.

    a) True
    b) False
    b) False

    The dollar limit for adjusted gross income is $55,000 for clients who are married filing jointly.
  24. Men of all ages are likely to be poorer than women.

    a) True
    b) False
    b) False

    Women of all ages are likely to be poorer than men
  25. SSI eligibility is limited to clients who have very low income and very few assets.

    a) True
    b) False
    a) True
  26. The Older Americans Act assists elderly Americans in part through nutrition programs and the nursing home ombudsman program.

    a) True
    b) False
    a) True
  27. The eldercare locator is a toll-free phone service that can help to find services available for seniors and their families.

    a) True
    b) False
    a) True
  28. Less than 5 percent of those aged 65 to 69 continue to be in the labor force.

    a) True
    b) False
    b) False

    Twenty-three percent of those aged 65 to 69 continue to be in the labor force. In addition, 64 percent of older workers report that they plan to work well into their retirement years.
  29. Less than 2 percent of baby boomers have received inheritances that exceed $100,000.

    a) True
    b) False
    a) True
  30. The elderly dependency ratio is declining.

    a) True
    b) False
    b) False
  31. The economic status of the aged has improved over recent decades.

    a) True
    b) False
    a) True
  32. Retirement is typically seen as a busy time.

    a) True
    b) False
    a) True
  33. Women are more likely to have a better social network than men.

    a) True
    b) False
    a) True
  34. Which of the following statements concerning the retirement savings contribution credit is correct?

    A) It provides a dollar-for-dollar credit for all 401(k) contributions up to stated limits.
    B) Clients whose income is between $75,000 and $100,000 can get a partial credit.
    C) The credit is available to self-employed sole proprietors who contribute to a profit-sharing Keogh plan.
    D) The credit is available for salary deferrals made to a SIMPLE.
    D) The credit is available for salary deferrals made to a SIMPLE.

    A maximum 50 percent of each dollar contributed. The dollar limits are too high. The credit is only available to IRAs; 401(k), 403(b), and 457 plans; SIMPLEs; and SARSEPs.
    (this multiple choice question has been scrambled)
  35. Which of the following statements concerning the biological concerns with the aging process is correct?

    A) Sometimes clients have difficulty with instrumental activities of daily living (IADLs) such as the ability to keep track of money or bills.
    B) Sometimes clients have difficulty with activities of daily living (ADLs) such as grocery shopping.
    C) Over 50 percent of people over 65 develop dementia.
    D) The human life span is currently about 78 years.
    A) Sometimes clients have difficulty with instrumental activities of daily living (IADLs) such as the ability to keep track of money or bills.

    Grocery shopping is an IADL not ADL. Only 10% of people over 65 develop dementia. The life span is the maximum potential age of human beings which is about 120 years; 78 years is the average life expectancy.
    (this multiple choice question has been scrambled)
  36. Which of the following statements concerning the current pension system is (are) correct?

    I. The trend of employer plans shifting from defined-benefit plans to defined-contribution plans is seen as having a positive effect on retirement security.

    II. The tendency for people to be invested heavily in employer stock is seen as having a positive effect on retirement security.

    (A) Neither I nor II
    (B) Both I and II
    (C) I only
    (D) II only
    (A) Neither I nor II

    I is incorrect because defined-benefit plans place investment risk on the employer and are considered better for retirement security.
    II is incorrect because this trend means that many retirement portfolios are not properly diversified.
    (this multiple choice question has been scrambled)
  37. Which of the following are steps in the retirement planning process?

    I. Planners should gather client data by conducting a financial inventory using the client’s summary plan description and other documents.

    II. Planners should help the client implement the plan, which often means working with other professionals in the financial and social service areas.

    (A) I only
    (B) II only
    (C) Both I and II
    (D) Neither I nor II
    (C) Both I and II
    (this multiple choice question has been scrambled)
  38. Which of the following statements concerning financial gerontology is (are) correct?

    I. The old-old have a significant income advantage over the young-old.

    II. The elderly dependency ratio is currently declining.

    (A) Both I and II
    (B) I only
    (C) II only
    (D) Neither I nor II
    (D) Neither I nor II

    I is incorrect because the young-old have an income advantage over the old-old.

    II is incorrect because the elderly dependency ratio is expected to increase to 30/100 by 2030. (It currently is slightly over 20/100.)
    (this multiple choice question has been scrambled)
  39. All the following facts concerning demographics and aging in the United States are correct EXCEPT

    A) It is predicted that one in nine baby boomers will live to be 90 years old.
    B) The older population will become less ethnically and racially diverse in the next 50 years.
    C) By 2050, America’s 65 and older population will more than double.
    D) The number of centenarians is projected to increase in the next 50 years.
    B) The older population will become less ethnically and racially diverse in the next 50 years.
    (this multiple choice question has been scrambled)
  40. All the following statements concerning the nature and scope of retirement are correct EXCEPT

    A) Retirement planning and estate planning often have different goals.
    B) Retirement defies a singular definition because there are too many variables, lifestyle choices and contingencies that make it unique for each client.
    C) Retirement planning spans the client’s life cycle and should not be thought of as exclusively for older clients.
    D) Policies of the federal government do not typically support the retirement process because of the need to collect additional tax revenues.
    D) Policies of the federal government do not typically support the retirement process because of the need to collect additional tax revenues.

    Federal governmental policies often support retirement despite the fact that the General Accounting Office estimates the loss of significant tax revenue based on those policies.
    (this multiple choice question has been scrambled)
  41. All the following statements concerning the nature and scope of retirement are correct EXCEPT

    a) Retirement defies a singular definition because there are too many variables, lifestyle choices and contingencies that make it unique for each client.
    b) Retirement planning spans the client’s life cycle and should not be thought of as exclusively for older clients.
    c) Retirement planning and estate planning often have different goals.
    d) Policies of the federal government do not typically support the retirement process because of the need to collect additional tax revenues.
    • d) Policies of the federal government do not typically support the retirement process because of the need to collect additional tax
    • revenues.

    Federal governmental policies often support retirement despite the fact that the General Accounting Office estimates the loss of significant tax revenue based on those policies.
  42. All the following services are provided by the area agencies on aging (AAA) EXCEPT

    A) contracting with service providers for the delivery of meals
    B) finding funded transportation services so clients can go to the doctor
    C) providing banking, check-writing, and other financial services
    D) assessing Medicaid qualification
    C) providing banking, check-writing, and other financial services

    AAA does not provide banking, check-writing, and other financial services.
    (this multiple choice question has been scrambled)
  43. Which of the following statements is correct regarding considerations a planner must take into accountwhen assisting a client with retirement planning?

    A) Retirees are often responsible for caring for themselves, their parents, and potentially their grandparents.
    B) The retirement life expectancy is much shorter now than in years past, due to poor health andlifestyle.
    C) Seniors are in poorer health at retirement age due to much poorer diet and sedentary lifestyle.
    D) Women’s life expectancy has been declining in recent years due to an increase in occurrencesof cancer and heart disease.
    A) Retirees are often responsible for caring for themselves, their parents, and potentially their grandparents.

    As a society we are taking better care of ourselves, and therefore living longer. It is predicted that one in nine baby boomers will live to be at least age 90.

    We are living longer; therefore, our retirement life expectancy has increased.

    Women continue to have an increasing life expectancy. They account for 58% of those over age 65 and 70% of those 85 and older
    (this multiple choice question has been scrambled)
  44. Which of the following statements is correct regarding the aging of the American population?

    A) Population aging occurs when the proportion of older generations relative to younger generations increases.
    B) Life expectancy is the maximum potential age of human beings.
    C) Morbidity life expectancy is the measure of the number of years a person can expect to livewithout incurring a disability.
    D) It is predicted that eight out of 10 baby boomers will live to be at least age 90
    A) Population aging occurs when the proportion of older generations relative to younger generations increases.

    Active life expectancy is the measure of the number of years a person can expect to live without incurring a disability.

    Life span, not life expectancy, is the maximum potential age of human beings.

    It is predicted that only one in nine baby boomers will live to be at least age 90.
    (this multiple choice question has been scrambled)
  45. Which of the following statements is/are correct regarding the financial planner’s role in the retirementplanning process?

    I. From a planner perspective, the retirement planning process is very similar to the generalfinancial planning process.

    II. When establishing the client/planner relationship, planners are not only expected tounderstand financial issues, but also to understand the aging process and non-financial issuesthat come with senior living.

    A) Only II.
    B) Only I.
    C) Both I and II.
    D) Neither I nor II.
    C) Both I and II.
    (this multiple choice question has been scrambled)
  46. All of the following statements are correct regarding the financial planning process EXCEPT:

    A) When establishing the client/planner relationship, the planner should identify and exploreissues, concepts, and products related to the retirement process.
    B) When gathering client data, the planner should listen to the client’s goals and objectives forretirement.
    C) For the retirement planning process, a planner need only review a client’s assets, liabilities,securities holdings, and annual income.
    D) Planners should help frame the expectations of their clients through an educational process.
    C) For the retirement planning process, a planner need only review a client’s assets, liabilities,securities holdings, and annual income.

    For the retirement planning process, a planner needs to look at the typical planning information (review assets, liabilities, securities holdings, and annual income) along with wills and trusts, long-term care policies, social security statements, employer health benefit policies, employer summary plans, and employer benefit statements
    (this multiple choice question has been scrambled)
  47. All of the following are phases of the retirement planning process from the client perspective EXCEPT:

    A) Coping with frailty.
    B) Decision making.
    C) Asset allocation.
    D) Saving.
    C) Asset allocation.

    Asset allocation is not one of the phases of the retirement planning process. The five phases are: saving; increased preparation and visualization; decision making; transitioning to retirement and settling into the retirement lifestyle; coping with frailty
    (this multiple choice question has been scrambled)
  48. Which of the following statements is correct regarding the retirement planning process?

    A) The last step in the retirement planning process is the development and presentation of afinancial plan.
    B) The data gathering phase of the retirement planning process involves conducting a financialinventory of retirement assets.
    C) A planner should not engage the help of other professionals when implementing the retirementplan for a client.
    D) The first step in the retirement planning process is to determine the client’s goals.
    B) The data gathering phase of the retirement planning process involves conducting a financialinventory of retirement assets.

    The first step in the retirement planning process is to establish and define the advisor-client relationship.

    A planner should engage other professionals when necessary.

    The last step in the retirement planning process is the monitoring of the retirement plan.

    The actual plan is developed and presented in Step 4 of the retirement planning process.
    (this multiple choice question has been scrambled)
  49. All of the following statements are correct regarding step 4 of the retirement planning process(Develop and Present the Retirement Plan) EXCEPT:

    A) The advisor designs strategies that are tailored to the client’s goals and objectives.
    B) The advisor utilizes the services of outside providers, if necessary.
    C) The advisor implements the retirement plan.
    D) The advisor writes a report for the client that details the plan.
    C) The advisor implements the retirement plan.

    Step 5 of the retirement planning process is the step in which the plan is implemented.
    (this multiple choice question has been scrambled)
  50. Which of the following statements is/are correct regarding the retirement planning process?

    I. When gathering data, a retirement planner need not review a client’s wills and trusts, becausethese documents are used only for estate planning.

    II. During the “savings” phase of the process, clients are typically lowering their expenses and saving their annual salary increases in a retirement plan.

    A) Both I and II.
    B) Neither I nor II.
    C) Only I.
    D) Only II.
    B) Neither I nor II.

    I is incorrect. Even though wills and trusts are used predominantly for estate planning, a retirement planner should review these documents. In addition, a retirement planner should review the following documents when gathering data:
    -Insurance policies
    -Social Security benefits statements
    -Employer documents, such as summary plan descriptions and health insurance policies
    -Asset and liability information

    II is incorrect. Clients are often more focused on other financial objectives during the “savings” phase of
    the retirement planning process. Usually, the decrease in expenses and saving of salary increases occur
    during a later phase in the client’s life.
    (this multiple choice question has been scrambled)
  51. Which of the following statements is correct regarding the phases of retirement planning?

    A) The “increased preparation and visualization phase” is characterized by an increase inspending on travel and volunteer work.
    B) The “retirement transition and lifestyle phase” is often characterized by loss of mobility,caregiving for a spouse, and health issues.
    C) The “decision” phase typically begins immediately before retirement, and may include arestructuring of a client’s asset allocation.
    D) The “savings” phase typically begins upon the retirement of the client’s parents.
    C) The “decision” phase typically begins immediately before retirement, and may include arestructuring of a client’s asset allocation.

    The “increased preparation and visualization phase” phase typically begins upon the retirement of the client’s parents.

    The “retirement transition and lifestyle phase” is characterized by an increase in spending on travel and volunteer work.

    Loss of mobility, caregiving for a spouse, and health issues are all characteristics of the “frailty” phase.
    (this multiple choice question has been scrambled)
  52. Which of the following statements is/are correct regarding the phases of retirement planning?

    I. The “retirement transition and lifestyle phase” of retirement planning is typically accompaniedby a decrease in spending due to the changing environment.

    II. The “frailty” phase of retirement planning is not dependent on a certain age, but is determinedby health issues, caregiving for a spouse, and any loss of mobility.

    A) Only II.
    B) Neither I nor II.
    C) Only I.
    D) Both I and II.
    A) Only II.

    I is incorrect. The “retirement transition and lifestyle phase” follows immediately after retirement, and is often accompanied by an increase in spending due to increased travel and recreational pursuits.
    (this multiple choice question has been scrambled)
  53. All of the statements below are correct regarding the phases of retirement planning EXCEPT:

    A) The “increased preparation and visualization” phase of the retirement planning process isusually identified between the ages of 45 and 55.
    B) Planners should prepare to help their clients with the psychological and emotional needs thataccompany the transition to retirement.
    C) A major concern for retirees is how to properly plan for distributions from qualified plans.
    D) After settling into retirement, seniors need assistance adjusting their spending plans to theirnew lifestyle.
    A) The “increased preparation and visualization” phase of the retirement planning process isusually identified between the ages of 45 and 55.

    The “increased preparation and visualization” phase cannot be identified with any particular age, although
    the earlier it begins, the better for retirement security purposes.
    (this multiple choice question has been scrambled)
  54. Which of the following statements is correct regarding the aging process?

    A) The inability to keep track of money and bills is an activity of daily living.
    B) Only about 35% of retirement plan participants contribute the maximum to their retirementplan.
    C) One trend in our current retirement system that threatens retirement security is a shift from defined contribution plans to defined benefit plans.
    D) Discoloration that occurs on the face, backs of hands, and forearms of people over 50 isreferred to as lentigo.
    D) Discoloration that occurs on the face, backs of hands, and forearms of people over 50 isreferred to as lentigo.

    Less than 10% of retirement plan participants contribute the maximum to their retirement
    plan.

    The inability to keep track of money and bills is an instrumental activity of daily living.

    One trend in our current retirement system that threatens retirement security is a shift from defined benefit plans to defined contribution plans.
    (this multiple choice question has been scrambled)
  55. Which of the following statements is/are correct regarding health during retirement?

    I. Lifestyle changes can stop or slow the age-related process of disease such as arthritis,diabetes, heart disease, and stroke.

    II. Weight training is extremely helpful in eliminating age-related loss of strength, even for womenin their 90s.

    A) Only I.
    B) Neither I nor II
    C) Both I and II.
    D) Only II.
    C) Both I and II.
    (this multiple choice question has been scrambled)
  56. All of the following statements are correct regarding shortcomings of the current retirement systemEXCEPT:

    A) The Pension Benefit Guaranty Corporation (PBGC) protects nearly 44 million workers in over32,000 401(k) plans.
    B) The Employee Benefits Research Institute (EBRI) estimates over 25 million employeesworking for small businesses are not covered by company pension plans.
    C) In general, as the size of an organization increases, the likelihood of having a pensionprogram increases as well.
    D) Only one-third of large employers offered retiree health benefits in 2008, in comparison to twothirdsin 1988.
    A) The Pension Benefit Guaranty Corporation (PBGC) protects nearly 44 million workers in over32,000 401(k) plans.

    The PBGC protects defined benefits plans, not 401(k) plans.
    (this multiple choice question has been scrambled)
  57. Which of the following statements is correct regarding financially successful retirement for women?A. Women have less turnover in the workforce, thus creating an environment for higher savingsopportunities.
    b) Women are more likely than men to have an employer-sponsored pension plan, because theyhave historically worked in industries with this benefit.
    c) Women often invest their retirement assets too conservatively, causing a savings deficit for retirement.
    d) Women are more likely to be single or widowed in retirement; therefore their retirement fundslast longer than a couple of the same age and situation.
    c) Women often invest their retirement assets too conservatively, causing a savings deficit for retirement.

    • Women have a higher turnover in the workforce, so it makes it more difficult for them to accumulate for retirement.
    • B is incorrect. Women are less likely to have a pension at work than men because they have historically worked in industries that ignore pensions

    Women are more likely to be single or widowed in retirement, so there is nobody to share the retirement burden.
  58. Which of the following statements is/are correct regarding the current pension system in the UnitedStates?

    I. The tendency for employees to invest a heavy portion of their retirement plan in employer stockis seen as having a negative effect on retirement security.

    II. Over time, the ratio of workers paying into the Social Security system to retirees drawing fromthe system has declined.

    A) Both I and II.
    B) Only II.
    C) Only I.
    D) Neither I nor II.
    A) Both I and II.
    (this multiple choice question has been scrambled)
  59. Which of the following items is/are considered components of the Ladder of Retirement Security?

    I. Informed planning.

    II Inheritances.

    A) Only II.
    B) Neither I nor II.
    C) Only I.
    D) Both I and II.
    D) Both I and II.
    (this multiple choice question has been scrambled)
  60. All of the following statements are correct regarding elements of the Ladder of Retirement SecurityEXCEPT:

    A) Approximately 90% of individuals age 65 or older report Social Security as a source of income.
    B) Social Security was not designed to fully fund an individual’s retirement.
    C) When retirement seminars are offered, participation in 401(k) plans tends to rise.
    D) Income from private pensions represents approximately 60% of all retirement income.
    D) Income from private pensions represents approximately 60% of all retirement income.

    Income from private pensions represents approximately 20% of all retirement income.
    (this multiple choice question has been scrambled)
  61. All of the following statements are correct regarding resources during retirement EXCEPT:

    A) The Ladder of Retirement Security does not include retiree health care as an income source during retirement.
    B) The “three-legged stool” of retirement resources includes Social Security, personal savings,and employer-sponsored retirement plans.
    C) Support during retirement may come from home equity, life insurance, business assets andrental property.
    D) Many people over the age of 65 remain in the work force as they enjoy work, wish to keeptheir benefits, and see work as a source of status.
    A) The Ladder of Retirement Security does not include retiree health care as an income source during retirement.

    Retiree health care (and other insurance) is considered part of the Ladder of Retirement Security.
    (this multiple choice question has been scrambled)
  62. Which of the following statements is correct regarding demographics of aging?

    A) Diabetes, stroke and Alzheimer’s are responsible for two-thirds of all deaths among peopleage 65 to 84.
    B) The elderly dependency ratio will rise in the future because the baby boomers were followedby a smaller generation.
    C) Socioeconomic factors negatively affect health, including increased likelihood of having health insurance, access to good health care, and access to preventative care.
    D) Over the past 100 years, men’s life expectancies have increased faster than women’s lifeexpectancies.
    B) The elderly dependency ratio will rise in the future because the baby boomers were followedby a smaller generation.

    Socioeconomic factors positively affect health, including increased likelihood of having health insurance, access to good health care, and access to preventative care (mammograms)

    Heart disease and cancer are responsible for two-thirds of all deaths among people age 65 to 84.

    Over the past 100 years, women’s life expectancies have increased faster than men’s life expectancies.
    (this multiple choice question has been scrambled)
  63. Which of the following statements is/are correct regarding gerontology?

    I. Continuity theory views the occupational role as the major source of personal validation,especially for men.

    II. The Age Discrimination and Employment Act makes it illegal to discriminate against workersover 40 based on age.

    A) Only II.
    B) Both I and II.
    C) Only I.
    D) Neither I nor II.
    A) Only II.

    I is incorrect. Crisis theory views the occupational role as the major source of personal validation, especially for men.
    (this multiple choice question has been scrambled)
  64. Supplemental Security Income is an example of:

    A) Fiscal welfare.
    B) Medicaid.
    C) Tax deferral.
    D) Social assistance.
    D) Social assistance.

    Supplemental Security Income is an example of social assistance.

    Fiscal welfare is an indirect payment made to individuals through the income tax system.
    (this multiple choice question has been scrambled)
  65. Which of the following statements is correct regarding the area agencies on aging (AAA)?

    A) They are available in approximately half the states in the U.S.
    B) They are run by the state insurance commissioner.
    C) They can find funded transportation to doctor’s appointments.
    D) They provide banking and other financial services to seniors.
    C) They can find funded transportation to doctor’s appointments.

    AAA does not provide banking, check-writing, or other financial services.

    AAA is available in all states.

    AAA is administered at the state level by the State Unit on Aging.
    (this multiple choice question has been scrambled)
  66. Which of the following statements is/are correct regarding financial gerontology?

    I. The elderly-dependency ratio is currently increasing.

    II. Over recent decades, the economic status of the elderly has declined.

    A) Both I and II.
    B) Neither I nor II.
    C) Only II.
    D) Only I.
    D) Only I.

    II is incorrect. Over recent decades, the economic status of the elderly has improved.
    (this multiple choice question has been scrambled)
  67. Which of the following statements is correct regarding financial gerontology?

    A) Continuity theory views the occupational role as the major source of personal validation,especially for men.
    B) Both adequate income and good health are important predictors of life satisfaction in retirement.
    C) Men are more likely to have a better social network during retirement than women.
    D) For many people, retirement is rewarding because is signals the end of productive activity.
    B) Both adequate income and good health are important predictors of life satisfaction in retirement.

    Women are more likely to have a better social network during retirement than men.

    Crisis theory views the occupational role as the major source of personal validation, especially for men.

    Most retirees sustain busy and active lives and play a productive part in their families.
    (this multiple choice question has been scrambled)

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