Finra Exam Series-6 Topic 9 Question 62 Discussion

Actual exam question for Finra's Series-6 exam

Question #: 62
Topic #: 9

Ms. Fortune died at the relatively young age of 60. Which of the following options are available to her 65-year-old spouse, the beneficiary of her IRA?

i. withdraw the entire balance in a single lump sum

ii. continue to make contributions to the IRA as if it were his own

iii. roll his deceased wife's IRA into an existing IRA that he owns

AI only

BI and II only

CI and III only

DI, II, and III

Show Suggested Answer

Suggested Answer: D

If Ms. Antsy is 53 years old and wants to invest in something that will allow her to begin making immediate withdraws and continue to make withdrawals until she turns 62 , you should recommend none of the choices provided. They are all annuities, and Ms. Antsy will be subject to a 10% penalty for withdrawing any amount prior to turning 59 .

by Golda at Jul 30, 2023, 01:56 PM

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Billi

1 months ago

Option II? Really? That's like trying to revive a dead goldfish by feeding it more food. I'm definitely going with C on this one.

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Kerry

3 days ago

Yeah, I agree. Option II doesn't make much sense. Option C seems like the best choice.

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Raul

4 days ago

I think option II is a bit of a stretch. I'm leaning towards option C as well.

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Crista

1 months ago

This is a tricky one, but I think C is the way to go. I mean, who would want to keep contributing to their deceased spouse's IRA? That's just weird, right?

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Lenora

4 days ago

Yeah, I wouldn't want to keep contributing to my deceased spouse's IRA either.

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Erinn

8 days ago

I agree, it's probably easier to manage that way.

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Becky

12 days ago

I think C is the best option. Rolling the IRA into an existing one makes sense.

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Esteban

2 months ago

I'm not sure, but I think the answer is B) I and II only.

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Elly

2 months ago

Ha! Ms. Fortune died at 60, what a bummer. At least her spouse gets to inherit the IRA, that's a silver lining. I'm going with C, it just makes the most sense to me.

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Tennie

1 months ago

I agree, C seems like the best option for the spouse.

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Glory

2 months ago

I'm going with C, it just makes the most sense to me.

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Delpha

2 months ago

I disagree, I believe the answer is D) I, II, and III.

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Alishia

2 months ago

I think the answer is C) I and III only.

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Jamie

2 months ago

Hmm, I'm not sure about this one. Can the spouse really not make contributions to the inherited IRA? That seems a bit unfair. Oh well, I'll go with C just to be safe.

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Dyan

24 days ago

So, the correct answer would be C) I and III only.

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Marquetta

1 months ago

I think the spouse can only withdraw the entire balance or roll it into an existing IRA.

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Celestina

1 months ago

Yeah, that's correct. The options are limited for the beneficiary of an inherited IRA.

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Johnetta

1 months ago

I'm pretty sure the spouse can't make contributions to an inherited IRA.

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Kattie

2 months ago

I'm pretty sure the correct answer is C. Option I and III only are available to the spouse, as they can withdraw the entire balance or roll it into their own IRA. Continuing to contribute to the deceased's IRA doesn't seem right.

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