Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CRPC JT > Module 1 > Flashcards

Module 1 Flashcards

1
Q

Catch up contribution

A

$6000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Defined contribution 415

A

$53000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

SIMPLE Plan

A

$12,500

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

SIMPLE catch-up contribution

A

$3000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Max includable compensation qualified plan

A

$265000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Highly compensated employee 414

A

$115000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Key Employee (top heavy plan)

A

> $170000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

SEP participation limit

A

$600

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

IRA / ROTH contribution limit

A

$5500

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

IRA/ ROTH catch- up

A

$1000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

IRA deduction limits for active participants

A

Single $61000-$71000

Married filing joint $98000-$118000

Married filing seperately $0-$10000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

IRA deduction phaseout limit for spouse who is not an active participant

A

$183000-$193000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

ROTH IRA contribution phaseout limits

A

Single $116000-$131000

Married filing jointly $183000-$193000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Effective deferrals 401k, 403b,457, sarseps

A

$18000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Step 1 retirement planning process

A

Establishing and defining the client-planner relationship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Step 2 retirement planning process

A

Gathering client data including goals

17
Q

Step 3 retirement planning process

A

Analyzing and evaluating the client’s financial status

18
Q

Step 4 retirement planning process

A

Developing and presenting the recommendations

19
Q

Step 5 retirement planning process

A

Implementing recommendations

20
Q

Step 6 retirement planning process

A

Monitoring the implemented recommendations for necessary changes

21
Q

Any changes to retirement plan?

A

Yes- return to task 2

No-time interval/ return to task 6

22
Q

Two qualities retirement goals have to make them useful in planning

A

Specific and prioritized

23
Q

Three components of a financial position

A

Assets
Liabilities
Net worth

24
Q

Name two strategies clients can employ in living off retirement assets.

A

Capital preservation

Capital utilization

25
Q

Capital preservation

A

Live off income produced by their assets without touching principal

26
Q

Capital utilization

A

Both income and principal are tapped for retirement living expenses

CRPC JT (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions