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CRPC Module 1 2024/2025 Questions With Completed & Verified Solutions.
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CRPC Module 1 2024/2025 Questions With Completed & Verified Solutions.
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CRPC Module 16 Steps of Retirement Planning Process - ANS -Establish and define the client
counselor relationship
-Gather Client Data and Determine goals and expectations
-Determine the Client's Financial status by analyzing and evaluating
-Develop and Present the Plan
-Implement the Plan
-Monitor the Plan
Two Qualities of Retirement Goals - ANS -the retirement goals should be specific and
prioritized
-should include an event, amount and or time
Three Components of a statement of financial position - ANS - Assets
-Liabilities
-Net Worth
The Cash Flow Statement - ANS Cash inflows - Cash outflows = net cash
Income replacement percentages - ANS most american retirees need 70 to 80% of
pre-retirement income
only a rule of thumb
Expenses that decrease during retirement and increase - ANS Decrease -
transportation cost, food and housing costs, term life insurance stop, dry cleaning bills,
professional fees, clothing
Increase - medical and dentals expenses, expenditures on hobbies, recreation and
travel
3 Steps in determining the amount of post retirement income - ANS -identify current
assets that could generate income
-subtract nonamortized liabilities
-group these resources how they will be taxed upon distribution
Assets that should NOT be included in a list of retirement income producers - ANS
-emergency funds
-funds intended for college education
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