Knowledge about retirement

This page presents the right answers to the questions from a survey on financial planning for retirement.

  1. According to you, in Canada, how many more years can a 60-year-old man expect to live?
    • About 10 years
    • About 15 years
    • Over 20 years Good answer
  2. What do you think is the minimum age to start receiving a QPP retirement pension?
    • 55 years old
    • 60 years old Good answer
    • 65 years old
    • 70 years old
  3. In your opinion, at what age should you apply for your QPP retirement pension in order to obtain 100% of the allowed amounts?
    • 55 years old
    • 60 years old
    • 65 years old Good answer
    • 70 years old
  4. In your opinion, what is the maximum annual QPP retirement pension a person can receive at age 65?
    • Between $11 000 and $12 000
    • Between $17 000 and $18 000 Good answer
    • Between $20 000 and $21 000
  5. In your opinion, what is the minimum age to start receiving the federal Old Age Security pension?
    • 55 years old
    • 60 years old
    • 65 years old Good answer
    • 70 years old
  6. In your opinion, what is the maximum annual Old Age Security pension a person can receive at age 65?
    • Between $10 000 and $11 000 Good answer
    • Between $13 000 and $14 000
    • Between $16 000 and $17 000
  7. In your opinion, is an amount withdrawn from an RRSP taxable in the year of withdrawal?
    • Yes Good answer
    • No
  8. In your opinion, is there an age at which a person is required to withdraw funds from their RRSP?
    • yes: the mandatory age is 71 Good answer
    • No
  9. Tax-deductible retirement savings are currently limited to a certain ceiling. In your opinion, does this ceiling correspond to...?
    • 6% of earned income
    • 12% of earned income
    • 18% of earned income Good answer
    • 24% of earned income
  10. What type of employer-sponsored pension plan guarantees the payment of an annuity for life, even to age 100?
    • Defined-contribution plan
    • Defined-benefit plan Good answer
  11. If the inflation rate is 5% and your savings earn 3% interest over the year, will you maintain your purchasing power?
    • Yes
    • No Good answer
  12. If you put $100 in a savings account with an interest rate of 2% per year, how much money will you have after five years if you let the interest accumulate?
    • More than $102 Good answer
    • Exactly $102
    • Less than $102
  13. Which of these sources of retirement income do you think protects you against the following two financial risks: the rising cost of living and the possibility of living longer than expected and outliving your savings?
    • TFSA
    • Unregistered savings
    • RRSP
    • QPP retirement pension Good answer
  14. Which of the following should not be taken into account in your financial planning?
    • Your debt level
    • Your level of education Good answer
    • Your real estate holdings
    • Inflation
    • Your age
  15. The purpose of establishing my investor profile is to...
    • Evaluate my financial capacity to invest
    • Evaluate my tolerance for investment risk Good answer
    • To establish my investment budget
  16. The QPP retirement pension and the Canada Old Age Security pension are not taxable.
    • True
    • False Good answer
  17. It is possible to receive your QPP retirement pension before age 60, but the amount is lower.
    • True
    • False: the minimum age to apply for a pension under the QPP is 60 Good answer
  18. A retired person who returns to work can obtain a supplement to the QPP retirement pension.
    • True Good answer
    • False
  19. The longer you wait before applying for your QPP pension, the higher the amount of your pension, and that is, until you turn age 72.
    • True Good answer
    • False
  20. The amount of the QPP retirement pension does not depend on earned income, but only on the number of years worked.
    • True
    • False: it depends on the income earned, the number of years during which you contributed to the QPP and the age at which you applied Good answer
  21. When interest rates rise, bond prices fall.
    • True Good answer
    • False
  22. Investment diversification is a strategy that increases risk.
    • True
    • False Good answer

Consult our section on financial planning for retirement to continue improving your knowledge on the subject!