We all learn that life is about change right from the start, and as we get older change remains the only constant. Our retirement years are no different. They represents new challenges and opportunities, from the financial to the physical, from the social to spiritual. Happily, the vast majority are good (a myth busted!). Still, changes require new learning and new skills. Eugeria Management Services is here to help with the transitions that come after retirement, offering the services that will allow you to get the most out of your well-earned leisure.

Facts Worth Knowing ~

  1. During the 20th century, Americans' life expectancy increased by:
    a. 10 years
    b. 18 years
    c. 30 years
    d. 42 years
  2. It is more likely that crimes will be committed against people who are ages:
    a. 16 to 19
    b. 20 to 49
    c. 50 to 64
    d. 65 and over
  3. Doris is concerned that she will lose her ability to process new information as she ages. The normal human brain:
    a. Develops plaque in unused areas
    b. Keeps the ability to learn new skills
    c. Loses countless neurons every day
    d. Solidifies patterns of earlier thinking
  4. Attention to regular exercise, not smoking and proper nutrition can:
    a. Delay disability for up to 10 years
    b. Eliminate the need for regular health care
    c. Reduce risk of death by one-half
    d. Cure existing conditions such as arthritis and diabetes
  5. The 70+ Food Pyramid recommends how many glasses of water daily?
    a. Five
    b. Six
    c. Seven
    d. Eight
  6. A living will is distinct from a durable power of attorney for healthcare because it is:
    a. Irrevocable
    b. Used to provide instructions to the ambulance personnel
    c. Limited to situations where the person is considered terminal
    d. Applicable to a range of chronic conditions
  7. Ralph wants to ensure that after his death his granddaughter, Lisa, 10, has money specifically to purchase a home when she is older. The best way Ralph can accomplish this is to:
    a. Name Lisa's mother the executor of his estate
    b. Make Lisa's mother the agent of a durable power of attorney
    c. Direct that a testamentary trust be created with Lisa as the beneficiary
    d. Take out a life insurance policy with Lisa as the beneficiary
  8. Fiona wants to give her daughter a piece of highly appreciated mountain property that has been in the family for 100 years. How can she minimize the potential tax consequences to her daughter?
    a. Transfer the property at death as an inheritance
    b. Make the gift during her lifetime
    c. Place the property in a charitable remainder trust
    d. Create an irrevocable life insurance trust to pay the taxes on the property
  9. Carol designates her daughter as the beneficiary of her 401(k) and IRA. When Carol's estate is settled, these assets are included in her:
    a. Estate Tax
    b. Probate
    c. Estate tax and probate
    d. Neither estate tax or probate
  10. What is typically seen during the five years before and after retirement?
    a. Aggressive saving for retirement
    b. Strains in the family budget
    c. Reductions in income
    d. Increased spending
  11. What is the potential advantage of a variable annuity over a fixed one?
    a. Guaranteed rate of return
    b. Reduced risk to the annuity principle
    c. Inflation protection
    d. Guaranteed rate of growth
  12. What is the greatest risk in waiting to purchase long-term care insurance?
    a. Premium increases
    b. Inflation
    c. Declining health
    d. Lack of time to build the "pool of money" in the policy
  13. Rick turns 65 next month and is considering whether to purchase a Medigap policy. The best advice is that:
    a. Medigap policies are strongly advised to cover deductibles, co-insurance and coverage limitations under the original Medicare
    b. Medicare will cover the majority of any senior's health care costs
    c. Medigap policies are needed only when significant health care concerns exist
    d. Medigap policies are especially needed by those enrolled in HMOs
  14. Which asset transfer can occur during the look-back period without creating a period of ineligibility for Medicaid?
    a. Adding an adult child as joint owner of the family home
    b. Gifting stock to a sibling living in another state
    c. Transferring assets into a family trust
    d. Transferring the family home to the applicant's spouse

Answers: 1(c), 2(a), 3(b), 4(a), 5(d), 6(c), 7(c), 8(a), 9(a), 10(d), 11(d), 12(c), 13(a), 14(d)