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Continuing Education Exam

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FIVE: Psychological Impediments to Retirement-Income Planning

  1. Which of the following is not one of the misperceptions that contribute to poor retirement planning?

    1. People tend to overestimate their life expectancy.

    2. People expect their investment returns to average the same percentage each year.

    3. People assume they can maintain their lifestyles by spending roughly the same amount of money each year.

    4. People believe the need for money declines with age.

      SIX: Lifelong Retirement Income: How to Quantify and Eliminate Luck

  2. Stocks provide an adequate inflation hedge both for long-term accumulation portfolios and for distribution portfolios.

    1. True

    2. False

  3. If a retiree is lucky, the start of his retirement will coincide with the start of a secular bull market.

    1. True

    2. False

  4. Which of the following was not among the patterns observed in studying the success of a distribution portfolio for different withdrawal rates during a 25-year time horizon?

    1. The contribution of luck is lowest near the sustainable withdrawal rate.

    2. Once past the 6 percent withdrawal rate, the higher the withdrawal rate, the less significant the asset-selection factor is.

    3. The longer the portfolio ...

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