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

23 days 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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Crista

27 days 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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Esteban

2 months ago

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

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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

8 days ago

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

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Marquetta

15 days ago

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

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Celestina

16 days ago

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

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Johnetta

23 days 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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