1. People often take money they have accumulated during their working years and buy an annuity. All of the following are variations that are possible with an annuity EXCEPT:

Withdrawals can be immediate or deferred

Taxes are typically paid each year on the account balance

Contributions can be one large payment or installments over time

The amount of money received each year can be fixed or variable

Annuities can be purchased that may a death benefit if the annuitant dies

2. In the world of retirement money, the technical phrase for a shift of money from an employer-sponsored retirement plan to a personal retirement plan is:

Carry forward

Withdrawal

Rollover

Amortization

Down payment

3. Which of the following statements about reverse mortgages is NOT correct:

They can provide regular payments until a homeowner dies

Potential users are required to take a counselling course

Home owners are responsible for property taxes and home insurance

They are federally insured

Anyone is eligible for one if they have enough equity in their home