Certified Financial Planner (CFP) Practice Exam · Question
Robert, aged 72, has a RRIF with a balance of $300,000 at the end of the previous year. He is considering using his younger spouse's age (68) to calculate the minimum RRIF withdrawal. What would be his minimum withdrawal for the current year if he elects to use his spouse's age?
Using the younger spouse's age (68), the RRIF minimum withdrawal factor is 4.8%. Thus, the minimum withdrawal would be $300,000 * 0.048 = $14,400. If he used hi
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Question: Robert, aged 72, has a RRIF with a balance of $300,000 at the end of the previous year. He is considering using his younger spouse's age (68) to calculate the minimum RRIF withdrawal. What would be his minimum withdrawal for the current year if he elects to use his spouse's age?
Answer options: ✅ $14,400
- $15,000
- $16,500
- $17,400
Correct answer: $14,400
Explanation: Using the younger spouse's age (68), the RRIF minimum withdrawal factor is 4.8%. Thus, the minimum withdrawal would be $300,000 * 0.048 = $14,400. If he used his own age (72), the factor is 5.4%, resulting in a higher withdrawal.
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