Certified Senior Advisor Financial Aspects of Aging Questions and Answers

Question 1

A 74-year-old client wants to make a significant charitable donation directly from his traditional IRA to satisfy his Required Minimum Distribution (RMD).
Which of the following is a key requirement for this transaction to be considered a Qualified Charitable Distribution (QCD)?

Accepted Answer

The funds must be transferred directly from the IRA custodian to the qualified charity.

Answer

The client must be at least 75 years old.

Answer

The donation amount must be less than the client's total RMD for the year.

Answer

The charity must be a private foundation or a donor-advised fund.

Question 2

Mr. Chen, age 68, was born in 1958. He plans to retire and start collecting Social Security benefits this year. What is his full retirement age (FRA) according to the Social Security Administration?

Accepted Answer

66 years and 8 months

Answer

66 years and 4 months

Answer

67 years

Answer

66 years

Question 3

A client is applying for long-term care through Medicaid but her monthly income and countable assets are slightly above the state's eligibility limits. To become eligible, she plans to use the 'spend-down' process. Which of the following would be an allowable expense for a Medicaid spend-down?

Accepted Answer

Pre-paying for her own funeral expenses through an irrevocable trust.

Answer

Gifting money to her grandchildren to reduce her assets.

Answer

Paying for a family member's vacation.

Answer

Paying off an existing mortgage on her primary residence.

Question 4

Which of the following is a mandatory prerequisite before a homeowner aged 62 or older can finalize a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage?

Accepted Answer

Completing counseling with a HUD-approved reverse mortgage counselor.

Answer

Having a minimum credit score of 700.

Answer

Paying off the existing mortgage in full prior to the application.

Answer

Obtaining a written statement of approval from all potential heirs.

Question 5

Recent legislation has significantly altered the Medicare Part D prescription drug benefit. As of 2026, what major change has been implemented regarding out-of-pocket costs for beneficiaries?

Accepted Answer

A yearly out-of-pocket spending cap is in place, after which the beneficiary pays $0 for covered drugs.

Answer

The 'donut hole' or coverage gap has been reinstated with higher cost-sharing.

Answer

All brand-name drugs are now subject to a 50% coinsurance throughout the year.

Answer

Beneficiaries must pay a higher deductible before any coverage begins.

Question 6

The Achieving a Better Life Experience (ABLE) Act was expanded, increasing eligibility. As of January 1, 2026, an individual can qualify for an ABLE account if the onset of their significant disability occurred before what age?

Accepted Answer

46

Answer

18

Answer

26

Answer

65