Social Sciences > EXAM > RPA 1: Assignment 1 Questions and Answers 100% Correct (All)

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RPA 1: Assignment 1 Questions and Answers 100% Correct

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What is the three legged stool of economic security? ✔✔Social security, personal savings, employee pensions What are the economic problems facing the aged? (4 answer total) ✔✔1. Desire to ma... intain preretirement standard of living 2. Declining employment opportunities 3. Low savings due to higher taxes, increased consumption, and inflation 4. Improvement in longevity What is a reverse annuity? ✔✔Monthly income for life in exchange for title at the time of the owner's death. Explain the impact of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) with respect to retirement plans. (7 answers total) ✔✔1. Increased contribution, benefit and deduction limits for all types of retirement savings 2. Business credits for start-up of retirement plans 3. Tax credits for lower/middle-income employees contributing to retirement plans 4. Greater parity for corporate, nonprofit and govt plans 5. Greater contribution limits to retirement plans for 50+ yr olds 6. New "qualified Roth contribution program" provision 7. Greater portability for retirement program, easier rollovers Explain the increase in longevity and changing demography. ✔✔TBD Reasons for growth of private pensio [Show More]

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