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Finra Series-6 Exam - Topic 6 Question 96 Discussion

Which of the following plans does not have the requirement that its participants must begin withdrawing funds from the plan by April 1st of the year after they turn 70 ?i. SIMPLE IRA II. 401(k)iii. Roth IRAIV. profit-sharing plan
D) All of the above have a mandatory distribution requirement.
A) I and III only
B) I, III and IV only
C) III only

Finra Series-6 Exam - Topic 6 Question 96 Discussion

Actual exam question for Finra's Series-6 exam
Question #: 96
Topic #: 6
[All Series-6 Questions]

Which of the following plans does not have the requirement that its participants must begin withdrawing funds from the plan by April 1st of the year after they turn 70 ?

i. SIMPLE IRA II. 401(k)

iii. Roth IRA

IV. profit-sharing plan

Show Suggested Answer Hide Answer
Suggested Answer: D

Upon receiving a complaint about one of its member firms, FINRA may require any person associated with the member firm to provide information and to testify under oath; it may inspect and copy the books, records, and accounts of the member firm; and it may share information obtained from its investigation of a member firm with a foreign regulatory agency. The foreign regulator must agree to treat the information confidentiality, and the agreement with the foreign regulator is predicated on two requirements: ''(A) the other regulator party to the agreement must have jurisdiction over common regulatory matters; and (B) the agreement must require the other regulator to reciprocate and share with FINRA information of regulatory interest or concern to FINRA.''


by Salena at Jan 24, 2025, 08:52 PM

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Kimberely
7 months ago
Profit-sharing plans can also skip the mandatory withdrawals.
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Cordell
8 months ago
I thought all plans had that rule.
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Jamal
8 months ago
Wait, are you sure about that?
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Leah
8 months ago
Totally agree, Roths are flexible!
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Royal
8 months ago
Roth IRAs don't require withdrawals at 70.
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Luke
9 months ago
I’m leaning towards option C, since I know Roth IRAs don’t require withdrawals at 70, but I’m not confident about the others.
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Rolland
9 months ago
I’m pretty certain that SIMPLE IRAs do have mandatory distributions, but I’m confused about the 401(k) and profit-sharing plan.
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Albert
9 months ago
I feel like we practiced a question similar to this, and I think the profit-sharing plan might also not have that requirement.
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Annette
9 months ago
I think I remember that Roth IRAs don’t have the same withdrawal requirements as traditional accounts, but I’m not completely sure.
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Anika
9 months ago
Hmm, I think the Roth IRA is the answer here. From what I remember, it's the only one on the list that doesn't require mandatory distributions starting at age 70 1/2. But I'll double-check to be sure.
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Erick
9 months ago
I'm a little confused on the differences between these retirement plans. I'll need to review the key features of each one to determine which one doesn't have the 70 1/2 withdrawal rule.
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Bethanie
9 months ago
I've got this! The Roth IRA is the only one on the list that doesn't have the mandatory withdrawal requirement by age 70 1/2. The other plans all have that rule.
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Cristal
9 months ago
Okay, let me think this through. The Roth IRA is definitely exempt from that rule, so that's one option. But I'm not sure about the others - I'll have to double-check the specifics.
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Narcisa
9 months ago
Hmm, this is a tricky one. I'll need to carefully review the details of each plan to determine which one doesn't have the 70 1/2 withdrawal requirement.
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Galen
1 year ago
Wait, we have to start withdrawing from our plans by 70? Guess they're trying to make sure we don't outlive our money. Or our patience.
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Taryn
1 year ago
Ah, the SIMPLE IRA, the plan that's anything but simple. At least I won't have to worry about mandatory distributions, right?
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Teri
1 year ago
Good to know, thanks for clarifying!
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Ligia
1 year ago
So, the answer would be C) III only.
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Rosalia
1 year ago
That's right! The SIMPLE IRA does not have a mandatory distribution requirement.
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Kati
1 year ago
Profit-sharing plan, eh? I'd like to share my profits with the IRS, but only on my own terms. This is the one for me!
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Rosita
1 year ago
User 3: Actually, I think it's D) All of the above have a mandatory distribution requirement.
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Horace
1 year ago
User 2: No, I believe it's A) I and III only.
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Kathryn
1 year ago
User 1: I think the answer is C) III only.
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Cristal
1 year ago
Roth IRA, huh? Sounds like the plan that lets me keep my money and the IRS away from it. Sign me up!
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Erinn
1 year ago
Yeah, Roth IRA sounds like a good option to keep your money safe.
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Leonida
1 year ago
I agree, Roth IRA does not have a mandatory distribution requirement.
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Cathrine
1 year ago
I think the answer is C) III only.
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Justine
1 year ago
Haha, the 401(k) plan has a mandatory distribution requirement? That's like trying to keep a teenager from a party - good luck with that!
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Ivette
1 year ago
User 4: So, the answer is D) All of the above have a mandatory distribution requirement.
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Vashti
1 year ago
User 3: Actually, both the SIMPLE IRA and the profit-sharing plan also have that requirement.
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Elly
1 year ago
User 2: Really? I thought only the Roth IRA had that requirement.
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Hester
1 year ago
User 1: Yeah, the 401(k) plan does have a mandatory distribution requirement.
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Kristian
1 year ago
But Roth IRA does not have a mandatory distribution requirement, so I think it's C.
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Mari
1 year ago
I disagree, I believe the answer is A) I and III only.
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Kristian
1 year ago
I think the answer is C) III only.
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