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Korea Accredited Retirement Planning Specialist (은퇴설계전문가, ARPS) study materials
Korea Accredited Retirement Planning Specialist (은퇴설계전문가, ARPS) study resources

Korea Accredited Retirement Planning Specialist (은퇴설계전문가, ARPS) practice questions

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Question 1Client goals, household cash flow and planning process

What is the official Korean name and English expansion of the ARPS credential issued by 한국에프피협회 (Korea FP Association)?

  1. 연금상담전문가 (CPE / Certified Pension Expert)
  2. 은퇴설계전문가 (ARPS / Accredited Retirement Planning Specialist) Correct answer.
  3. 생애설계전문가 (CLPE / Certified Life Planning Expert)
  4. 은퇴설계전문가-Core (CRC-Core / Certified Retirement Consultant-Core)

Explanation

The association's qualification center names this credential 은퇴설계전문가 (ARPS / Accredited Retirement Planning Specialist). It is a registered private qualification (등록민간자격 2020-004171) for integrated financial and non-financial retirement design, not a general planner or KBI course-linked title.

Question 2Client goals, household cash flow and planning process

Which body issues the 은퇴설계전문가 (ARPS) certificate?

  1. 한국금융연수원 (Korea Banking Institute)
  2. FPSB International Korea
  3. 사단법인한국에프피협회 (Korea FP Association) Correct answer.
  4. 금융감독원 (Financial Supervisory Service)

Explanation

The official intro lists 사단법인한국에프피협회 as the issuing body, with the Financial Services Commission (금융위원회) as supervising ministry for this registered private qualification. KBI issues differently numbered 은퇴설계전문가-Core/Master credentials, and FPSB Korea administers CFP, not ARPS.

Question 3Client goals, household cash flow and planning process

How does 한국에프피협회 classify 은퇴설계전문가 (ARPS) under the Framework Act on Qualifications?

  1. 국가공인자격 (state-recognized accredited qualification) under the Ministry of Health and Welfare
  2. 국가기술자격 (national technical qualification) under Human Resources Development Service of Korea
  3. 등록민간자격 (registered private qualification) 2020-004171 under the Financial Services Commission Correct answer.
  4. 자체인증 과정연계형 민간자격 of the Korea Banking Institute

Explanation

The official intro states 주무부처 금융위원회 / 등록민간자격, registration number 2020-004171. The same page warns that a registered private qualification is not a state-recognized accredited qualification (국가공인자격).

Question 4Client goals, household cash flow and planning process

A client sees both ARPS and KBI's 은퇴설계전문가-Core on a résumé list. What is the correct distinction?

  1. They are the same sitting under two brand names.
  2. ARPS is 한국에프피협회's independently sat registered-private exam (2020-004171); KBI Core is a separate course-linked KBI credential (2014-1977) that does not use the ARPS acronym. Correct answer.
  3. KBI Core is the national version and ARPS is only an in-house bank certificate.
  4. Passing KBI Core automatically confers ARPS without a 한국에프피협회 exam.

Explanation

A similarly named credential at another body is a disambiguation issue, not one composite exam. KBI lists 은퇴설계전문가-Core and Master as 연수과정연계형 private qualifications. ARPS is the association's own 50-item online exam after listed partner-school education.

Question 5Client goals, household cash flow and planning process

On the 한국에프피협회 professional-qualification portal, which three credentials sit side by side?

  1. AFPK, CFP, and Bank FP
  2. 은퇴설계전문가 (ARPS), 연금상담전문가 (CPE), and 생애설계전문가 (CLPE) Correct answer.
  3. 은퇴설계전문가-Core, 은퇴설계전문가-Master, and 자금운용역
  4. IFP, CPB, and CFA

Explanation

The association's 전문자격센터 publishes ARPS, CPE, and CLPE as three separately sat credentials. ARPS is the integrated retirement-design paper; CPE is pension counseling; CLPE is life planning.

Question 6Client goals, household cash flow and planning process

What is the official ARPS exam mix and testing time published by 한국에프피협회 (from the second 2024 sitting onward)?

  1. 40 items in 50 minutes: overview 5, public/private pensions 20, investment 5, cases 10
  2. 50 items in 60 minutes: New Paradigm 10, cash-flow 24, counseling and inheritance 16 Correct answer.
  3. 100 items in 120 minutes with a 40% per-subject 과락
  4. 80 items in 90 minutes across AFPK Module 1 retirement and estate topics

Explanation

The official intro table is 10 + 24 + 16 = 50 items in 60 minutes of online testing. Each official item is 2 points for a 100-point paper. CPE uses a different 40-item / 50-minute mix.

Question 7Client goals, household cash flow and planning process

What passing rule does 한국에프피협회 publish for ARPS?

  1. 70% overall and at least 40% in each of the three volumes (과락)
  2. 80% overall with no subject floors
  3. 100분의 70 이상 (70/100) on a single total score, with no 과락 Correct answer.
  4. A scaled score of 500 on a 200–800 metric

Explanation

The official pass line is 100분의 70이상을 득점한 경우. The intro does not publish a per-subject 과락. On a 50-item, 2-point paper that is 70 of 100 points (35 of 50 items).

Question 8Client goals, household cash flow and planning process

Which cost figure is the association-published ARPS examination fee (응시료) on the 2026 schedule?

  1. KRW 33,000 per sitting; partner-school tuition is separate and not a single association figure Correct answer.
  2. KRW 66,000 covering both ARPS volumes and the certificate
  3. KRW 6,000, which is also the sitting fee
  4. One published association tuition of KRW 270,000 that includes the exam

Explanation

The 2026 schedule lists 응시료 of KRW 33,000 for each of the three sittings. The intro sends education tuition (textbook included) to each partner school's site and lists certificate reissue at KRW 6,000, with a free qualification confirmation certificate.

Question 9Client goals, household cash flow and planning process

What eligibility gate must be met before an ARPS application can be filed?

  1. Hold AFPK or CFP; no other education is required
  2. Complete a listed partner-school ARPS course at least seven days before the application window opens Correct answer.
  3. Finish any KBI 은퇴설계전문가-Core class in the same calendar year
  4. Show three years of bank wealth-management experience

Explanation

Registration Step 1 is 교육수료 확인. The portal states that completion of the designated partner-school course is required at least seven days before the application start, and that completion checks run only during the application window. No professional-experience year-count is published on the intro page.

Question 10Client goals, household cash flow and planning process

If an AFPK® or CFP® certificant completes the ARPS education course, which continuing-education credit amounts does the ARPS intro publish?

  1. Online education 30 credits; correspondence (우편원격) education 15 credits Correct answer.
  2. Online education 15 credits; correspondence education 30 credits
  3. A uniform 27 credits regardless of delivery
  4. No continuing-education credit is available to planner certificants

Explanation

The current ARPS intro lists 온라인 교육 30학점 and 우편원격교육 15학점 for AFPK/CFP certificants who complete the ARPS course. An older education-center page that still shows 27 credits is not the current qualification-center rule.

Question 11Client goals, household cash flow and planning process

In ARPS Volume 1, what does the 'pensionized society' (연금화 사회) paradigm mainly ask counselors to shift toward?

  1. Maximizing a single lump-sum nest egg and ignoring lifetime income
  2. Designing durable lifetime cash flow (평생 월급) instead of treating retirement as a one-time wealth target Correct answer.
  3. Replacing all public pensions with private equity products
  4. Delaying every financial decision until after statutory retirement

Explanation

Volume 1 frames a shift from lump-sum 'how much have I saved?' thinking to lifetime paycheck design: how income will be built and then received through public pensions, occupational accounts, personal products, and real-estate cash flow as longevity lengthens.

Question 12Client goals, household cash flow and planning process

In the UN / Statistics Korea ageing vocabulary used in retirement-paradigm teaching, when is a population a super-aged society (초고령사회)?

  1. When people aged 60 or older exceed 7% of the population
  2. When people aged 65 or older reach 14% of the population
  3. When people aged 65 or older reach 20% of the population Correct answer.
  4. When the statutory corporate retirement age reaches 65

Explanation

Standard Korean statistical teaching uses 고령화사회 at 7% aged 65+, 고령사회 at 14%, and 초고령사회 at 20%. That demographic threshold is not the same fact as the statutory 60-year company retirement rule.

Question 13Client goals, household cash flow and planning process

A private-sector employee born in 1970 faces statutory company retirement and 국민연금 timing. Which pairing is the standard ARPS teaching point?

  1. Company 정년 is generally 60+, while standard 국민연금 old-age pension for 1969-or-later births starts at 65, so a cash-flow bridge may be needed Correct answer.
  2. Company 정년 and 국민연금 both start at 55 for everyone
  3. 국민연금 must begin the month company 정년 occurs, so no gap can exist
  4. Statutory 정년 is 65 and 국민연금 starts at 60

Explanation

The Act on Prohibition of Age Discrimination in Employment and Elderly Employment Promotion requires employers to set 정년 at 60 or older. NPS old-age pension for persons born in 1969 or later starts at 65. Volume 1's pre-/post-retirement check is largely about bridging that gap with occupational, personal, and housing cash flow.

Question 14Client goals, household cash flow and planning process

Volume 1's family-structure chapter most directly warns retirement counselors that which household pattern changes cash-flow and caregiving design?

  1. Larger sibling groups always increase each child's 유류분 above one-half of the estate
  2. Fewer children, longer parental longevity, and sandwich-generation care can raise both old-age support needs and bequest/care conflicts Correct answer.
  3. Single-person elderly households are legally barred from 주택연금
  4. Married couples cannot use IRP accounts

Explanation

Family-structure change in Korean retirement design is about smaller families, longer lives, and dual care for children and parents. That affects how much lifetime income is needed, who may provide informal care, and how inheritance conversations are framed. It does not rewrite statutory 유류분 fractions based on sibling group size.

Question 15Client goals, household cash flow and planning process

Volume 1 distinguishes 'making a lifetime paycheck' from 'receiving a lifetime paycheck.' Which pairing matches that split?

  1. Making = accumulation in NPS, DC/IRP, and 개인연금; receiving = sequenced withdrawals, annuity/pension claims, and 주택연금 income Correct answer.
  2. Making = selling the home at 55; receiving = buying equities after 80
  3. Making = claiming 조기노령연금 as early as possible; receiving = stopping all saving
  4. Making = estate gifts only; receiving = 기초연금 only

Explanation

평생 월급 만들기 is the accumulation design (contribution, investment, and housing-equity strategy). 평생 월급 받기 is the decumulation design (when to claim NPS, how to draw DC/IRP, whether to annuitize, whether 주택연금 should convert home equity to monthly income).

Question 16Client goals, household cash flow and planning process

A counselor uses a 4% initial-withdrawal heuristic on a KRW 500 million taxable portfolio. What is the right ARPS-consistent caution?

  1. 4% of KRW 500 million is KRW 20 million a year (about KRW 1.67 million a month) as a planning sketch; it is not a Korean statutory payout rate and ignores NPS, 주택연금, and taxes Correct answer.
  2. Korean law requires every retiree to withdraw exactly 4% of financial assets
  3. The 4% rule replaces 국민연금 once the client is 65
  4. A 4% withdrawal is tax-free if taken from an IRP

Explanation

KRW 500,000,000 × 0.04 = KRW 20,000,000 per year, or about KRW 1,666,667 per month. ARPS cash-flow work treats that as a portfolio heuristic, not a legal rule, and layers it onto public pensions, occupational accounts, housing pension, and tax.

Question 17Client goals, household cash flow and planning process

A client earned KRW 5,000,000 a month before retirement and now receives KRW 1,500,000 a month from pensions. What income replacement rate (소득대체율) should the counselor record?

  1. 20%
  2. 30% Correct answer.
  3. 43%
  4. 70%

Explanation

Replacement rate = retirement income ÷ pre-retirement income = 1,500,000 / 5,000,000 = 0.30 = 30%. The 43% figure is the 2026 NPS nominal 40-year rate after the 2025 reform, not this household's actual ratio, and 70% is the ARPS exam pass mark, not a replacement-rate formula.

Question 18Client goals, household cash flow and planning process

Why is longevity risk (장수위험) central to ARPS retirement design?

  1. Because a longer life only increases bequest tax, not spending need
  2. Because clients may outlive a finite portfolio even if the average return looked adequate, so lifetime-income tools matter Correct answer.
  3. Because NPS stops at a fixed age of 80
  4. Because 주택연금 payments stop when the borrower turns 75

Explanation

Longevity risk is the chance of outliving assets. That is why ARPS emphasizes 평생 월급 design: inflation-adjusted public pensions, possible annuitization, and 주택연금's lifetime (본인 및 배우자) payment guarantee rather than a depleting lump sum alone.

Question 19Client goals, household cash flow and planning process

In a pre-정년 readiness review (정년퇴직 전후 노후준비 점검), what should the counselor inventory first?

  1. A preferred 개인연금 illustration, then fill facts around it
  2. Public-pension rights and start ages, occupational DB/DC/IRP balances, personal-pension room, housing cash-flow options, and non-financial work/housing/health facts Correct answer.
  3. Only the client's most recent stock-trading profit
  4. Only the children's preferred inheritance split

Explanation

Volume 1's readiness check is a full map: NPS/기초연금 timing, workplace retirement benefits, personal products, real-estate cash flow, and non-financial issues. Product illustrations and bequest wishes come after that inventory, not before it.

Question 20Client goals, household cash flow and planning process

What must users of this OpenExamPrep ARPS bank remember about language and format?

  1. It is the official English sitting published by 한국에프피협회
  2. It is an independent English-language four-option MCQ study adaptation, not an official translation and not a simulation of the Korean 60-minute online exam Correct answer.
  3. It reproduces leaked official items from the item bank
  4. It replaces the partner-school course and sitting eligibility rules

Explanation

The association publishes a Korean online exam and does not offer an official English sitting. This 100-item bank is independent ARPS practice by OpenExamPrep. Official papers are not released (문제은행; 시험지와 답안지는 공개되지 않습니다).

Question 21Client goals, household cash flow and planning process

When an ARPS counselor maps a client's retirement paycheck stack, which sources belong in the standard three-layer (3층) old-age security picture?

  1. First layer 주택연금, second layer 기초연금, third layer 종신보험
  2. First layer public coverage (국민연금 and 기초연금), second layer workplace 퇴직연금, third layer voluntary 개인연금 Correct answer.
  3. First layer IRP only, second layer 공무원연금, third layer 농지연금
  4. First layer 퇴직금 중간정산, second layer 증여, third layer 유류분

Explanation

ARPS cash-flow teaching still uses the standard Korean three-layer stack: public, occupational, and personal pensions. 주택연금 is a reverse-mortgage income tool, not a numbered layer in that stack, even though Volume 2 gives it heavy real-estate weight.

Question 22Client goals, household cash flow and planning process

What minimum NPS insured period is required for an old-age pension (노령연금) rather than a lump-sum refund?

  1. 5 years
  2. 8 years
  3. 10 years Correct answer.
  4. 20 years

Explanation

국민연금공단 states that 노령연금 requires at least 10 years of contributions and then payment from the birth-year start age. Twenty years affects the basic-amount formula's extra n factor, not the 10-year eligibility gate.

Question 23Client goals, household cash flow and planning process

After the 2025 National Pension reform, what 국민연금 contribution rate (보험료율) applies in 2026?

  1. It stays 9% through 2033
  2. 9.5% in 2026, rising 0.5 percentage points a year to 13% in 2033 Correct answer.
  3. 13% immediately in 2026
  4. 18%, matching 공무원연금

Explanation

NPS states that the rate moved from 9% (2025) to 9.5% in 2026 and then rises 0.5 percentage points a year for eight years to 13% in 2033. Occupational public schemes such as 공무원연금 use a different, higher rate.

Question 24Client goals, household cash flow and planning process

A client who joined 주택연금 after the 2026 fee reform cancels and repays the loan four years later. What does 한국주택금융공사 publish about refunding the 초기보증료?

  1. The initial guarantee fee is never refundable under any circumstances
  2. Cancellation within five years of the first pension payment refunds the initial guarantee fee less an amount proportional to the period already used Correct answer.
  3. The whole initial guarantee fee is refunded in full at any time before the borrower turns 80
  4. Refunds are handled by 국민연금공단 out of the client's 노령연금

Explanation

HF treats the 초기보증료 as a joining fee that is not refunded as a rule, but publishes a sliding refund when the loan is fully repaid and the guarantee cancelled before five years have passed from the first pension-payment date: the refund is the fee less a share proportional to the time the pension was used. The 2026 reform extended that refund window from three years to five for applicants from 1 March 2026. Monthly-settled 연보증료 is separately refunded for the remaining period.

Question 25Client goals, household cash flow and planning process

In ARPS Volume 2 public-pension cash-flow mapping, what is the standard 국민연금 노령연금 start age for a client born in 1969 or later?

  1. 60
  2. 63
  3. 64
  4. 65 Correct answer.

Explanation

NPS birth-year table: 1969 and later, standard 노령연금 (and split pension) starts at 65; early pension can start from 60. The 60-year figure is statutory company 정년, not this cohort's NPS start.

Question 26Client goals, household cash flow and planning process

An ARPS counselor is timing a 1963-born client's lifetime paycheck. At what age does the standard 국민연금 old-age pension start for that birth year?

  1. 61
  2. 62
  3. 63 Correct answer.
  4. 65

Explanation

1961–1964 births have a standard NPS start of 63 (early pension from 58). 65 is the 1969-or-later standard start.

Question 27Client goals, household cash flow and planning process

A client's full 국민연금 old-age pension would be KRW 1,200,000 a month at the standard start age. The client claims three years early. Using the NPS early-pension reduction of 6% per year, what monthly amount results (before other adjustments)?

  1. KRW 1,128,000
  2. KRW 1,080,000
  3. KRW 984,000 Correct answer.
  4. KRW 840,000

Explanation

Early reduction is 0.5% a month / 6% a year, so three years is 18%. KRW 1,200,000 × (1 − 0.18) = KRW 1,200,000 × 0.82 = KRW 984,000. Five years early would be a 30% cut (KRW 840,000), which is the maximum early reduction, not the three-year case.

Question 28Client goals, household cash flow and planning process

The same KRW 1,200,000 standard monthly 국민연금 is deferred for the full five years. Using the post-2012 deferred rate of 7.2% per year (0.6% per month), what monthly amount results (before other adjustments)?

  1. KRW 1,243,200
  2. KRW 1,286,400
  3. KRW 1,440,000
  4. KRW 1,632,000 Correct answer.

Explanation

Five years of deferral is 5 × 7.2% = 36%. KRW 1,200,000 × 1.36 = KRW 1,632,000. One year would be 7.2% (KRW 1,286,400); a 20% add-on (KRW 1,440,000) is not the five-year deferred rule.

Question 29Client goals, household cash flow and planning process

How is 기초연금 financed, compared with 국민연금, in ARPS public-pension cash-flow teaching?

  1. Both are contribution-financed social-insurance pensions with a 10-year minimum
  2. 기초연금 is tax-financed income support from age 65 with an income/asset selection test; 국민연금 is contribution-financed social insurance Correct answer.
  3. 기초연금 is paid only to 공무원연금 retirees
  4. 국민연금 is tax-financed and 기초연금 is funded only from IRP accounts

Explanation

기초연금 is a tax-financed benefit for people aged 65+ whose recognized income is below the year's selection amount. 국민연금 is a contributory scheme with a 10-year minimum. Mixing the two financing stories is a common counseling error.

Question 30Client goals, household cash flow and planning process

What 2026 기초연금 monthly maximum (기준연금액) applies to a single-person household before other reductions?

  1. KRW 307,500
  2. KRW 342,510
  3. KRW 349,700 Correct answer.
  4. KRW 559,520

Explanation

보건복지부 / NPS materials for 2026 raise the single 기준연금액 2.1% from KRW 342,510 to KRW 349,700. KRW 559,520 is the 2026 couple-household figure after the 20% couple reduction, not the single maximum.

Question 31Client goals, household cash flow and planning process

An ordinary 주택연금 borrower who joined after the 2026 fee reform has a guarantee balance (보증잔액) of KRW 240,000,000. What annual 연보증료 accrues at the published ordinary rate?

  1. KRW 1,800,000
  2. KRW 2,280,000 Correct answer.
  3. KRW 2,400,000
  4. KRW 6,000,000

Explanation

HF charges 연보증료 on the guarantee balance at 0.95% a year for ordinary products, billed monthly and added to the loan. KRW 240,000,000 × 0.0095 = KRW 2,280,000 a year. Because the fee accrues on a balance that keeps growing, the annual charge rises over time even when the house price is flat.

Question 32Client goals, household cash flow and planning process

A 주택연금 borrower wants to move to a different home and keep the pension. What does 한국주택금융공사 publish about changing the collateral house?

  1. Moving always terminates 주택연금 and the whole loan falls due immediately
  2. HF revalues the old and new homes, so the monthly payment can rise, stay level, or fall-but even a more valuable new home is paid only up to the monthly amount for a KRW 1.2 billion house price, and the move must be cleared with the branch in advance Correct answer.
  3. The monthly payment is frozen at the original amount no matter what the new home is worth
  4. Any move is allowed automatically as long as the new home is in the same province

Explanation

HF values the existing and replacement homes at the time of the move, and the monthly payment follows the change in collateral value. The published ceiling still binds: even when the new home is worth more, payments stop at the amount corresponding to a KRW 1.2 billion house price. HF also warns that a move is not always possible, so the borrower must check with the managing branch before committing.

Question 33Client goals, household cash flow and planning process

When an ARPS counselor contrasts occupational-pension cash-flow types, who bears investment risk in a DB (확정급여형) 퇴직연금 plan?

  1. The worker, because the account is individual
  2. The employer/plan, because the retirement benefit formula is set in advance and the user funds and invests to meet it Correct answer.
  3. The National Pension Service
  4. 한국주택금융공사

Explanation

MOEL: DB pays a pre-defined benefit (typically 30 days' average wage × years of service). The user (employer) funds and invests; shortfalls are the employer's problem, not a market haircut on the worker's promised formula.

Question 34Client goals, household cash flow and planning process

When mapping DC (확정기여형) 퇴직연금 cash flow for an ARPS client, who bears investment risk on the account?

  1. The worker, who directs the account; the employer's duty is the annual contribution Correct answer.
  2. The employer only, because DC benefits are formula-fixed
  3. The Financial Supervisory Service as guarantor of all DC losses
  4. The worker's children as default remainder beneficiaries

Explanation

MOEL: the employer's DC contribution is pre-defined (at least annual wages ÷ 12). The worker invests the account and receives principal plus results, so market risk sits with the worker.

Question 35Client goals, household cash flow and planning process

A DB member’s 30-day average wage is KRW 3,600,000 and continuous service is 12 years. What statutory-style retirement benefit is due (before tax and plan extras)?

  1. KRW 3,600,000
  2. KRW 21,600,000
  3. KRW 43,200,000 Correct answer.
  4. KRW 51,840,000

Explanation

Employee Retirement Benefit Security Act DB style: 30 days' average wage × years of service = KRW 3,600,000 × 12 = KRW 43,200,000. KRW 21,600,000 is 6 years; KRW 51,840,000 wrongly adds a 20% extra.

Question 36Client goals, household cash flow and planning process

A DC member earned KRW 60,000,000 in wages this year. What is the statutory-minimum employer DC contribution for a full year?

  1. KRW 3,000,000
  2. KRW 5,000,000 Correct answer.
  3. KRW 6,000,000
  4. KRW 9,000,000

Explanation

MOEL: the employer's DC contribution is at least annual wages ÷ 12. KRW 60,000,000 / 12 = KRW 5,000,000. KRW 6,000,000 is the 개인연금-only tax-credit ceiling, not the DC funding floor.

Question 37Client goals, household cash flow and planning process

A worker leaves a DC employer with a vested account. What is the standard portability step in ARPS occupational-pension cash-flow work?

  1. Forfeit the account to the former employer
  2. Move the balance to an IRP (개인형 퇴직연금) so retirement capital stays in a portable pension wrapper Correct answer.
  3. Required immediate spending of the entire balance as taxable other income
  4. Automatic conversion into 주택연금

Explanation

IRP is the statutory portable wrapper: job-change and lump-sum retirement benefits can be collected there and later drawn as pension-form income from age 55, preserving tax deferral compared with a raw cash-out.

Question 38Client goals, household cash flow and planning process

From June 2026, when may a client join 주택연금 without actually living in the collateral home at enrollment?

  1. Never-occupancy at enrollment is absolute with no exception
  2. Only where the couple owns one home in total and an unavoidable reason applies, such as hospital treatment or admission to a care or elderly-welfare facility Correct answer.
  3. Whenever the client simply prefers to rent the home out for extra income
  4. Whenever the client's children object to the application

Explanation

Occupancy of the collateral home at enrollment is the general rule. The 2026 housing-pension improvements added a narrow exception from 1 June 2026 for couples who own one home between them and cannot live there for an unavoidable reason, such as being admitted to a hospital, care facility, or elderly-welfare facility. It is a hardship carve-out, not a general licence to enroll a home the client does not occupy.

Question 39Client goals, household cash flow and planning process

A high-earning client is still working and draws KRW 10,000,000 a month. Using the 기준소득월액 band that applies from July 2026 and the 9.5% rate, what is the total monthly 국민연금 contribution?

  1. KRW 593,100
  2. KRW 605,150
  3. KRW 626,050 Correct answer.
  4. KRW 950,000

Explanation

NPS caps the contribution base: 기준소득월액 runs from KRW 410,000 to KRW 6,590,000 for July 2026 through June 2027, so a KRW 10,000,000 salary is charged on KRW 6,590,000. KRW 6,590,000 × 0.095 = KRW 626,050 in total, half of which (KRW 313,025) comes out of a workplace employee's pay. The cap is why high earners cannot lift their pension by declaring more income.

Question 40Client goals, household cash flow and planning process

Deferred retirement income in an IRP would have carried KRW 40,000,000 of retirement-income tax as a lump sum. The client takes it as a pension and is past the 20th year of actual pension receipt, drawing in 2026. What retirement-income tax applies to that portion?

  1. KRW 20,000,000 Correct answer.
  2. KRW 24,000,000
  3. KRW 28,000,000
  4. KRW 40,000,000

Explanation

Pension-form withdrawals of deferred retirement income are taxed at a percentage of the lump-sum retirement-income tax rate: 70% for the first ten years of actual pension receipt, 60% beyond ten and up to twenty years, and 50% past twenty years for amounts received from 1 January 2026. Past the twentieth year the client pays 50% of KRW 40,000,000 = KRW 20,000,000, a 50% reduction.

Question 41Client goals, household cash flow and planning process

A 63-year-old still owes a bank mortgage worth about 60% of the 주택연금 payment limit on the home. Which HF product is designed for that situation, and what does it allow?

  1. 주택담보대출 상환용 주택연금, which allows a one-off draw of up to 90% of the payment limit to clear the prior mortgage, with a 0.1% rate cut and a 1.0% annual guarantee fee Correct answer.
  2. 우대형 주택연금, which clears any mortgage automatically at no cost
  3. 정기증가형, which repays the mortgage out of the monthly step-ups
  4. No 주택연금 product can be used while a prior mortgage exists

Explanation

HF recommends the 주택담보대출 상환용 product when a senior lien exceeds 50% of the payment limit. It permits a lump-sum draw of up to 90% of the payment limit to repay that mortgage-with no further draws afterwards-and applies a 0.1 percentage-point lower loan rate, while the annual guarantee fee is 1.0% rather than the ordinary 0.95%. The usual gates still apply: owner or spouse aged 55 or over, and official price of KRW 1.2 billion or less.

Question 42Client goals, household cash flow and planning process

For ordinary 주택연금 cash-flow eligibility in ARPS real-estate teaching, what 공시가격 ceiling does 한국주택금융공사 publish?

  1. KRW 600 million
  2. KRW 900 million
  3. KRW 1.2 billion Correct answer.
  4. KRW 1.8 billion

Explanation

HF: 공시가격 12억원 이하, including multi-home owners if the couple's combined official prices stay at or under KRW 1.2 billion. Older 9-billion teaching is outdated.

Question 43Client goals, household cash flow and planning process

A 주택연금 home is valued at KRW 800 million for guarantee-fee purposes. What initial guarantee fee (가입비/초기보증료) is due at 1.0% of house price?

  1. KRW 4,000,000
  2. KRW 7,600,000
  3. KRW 8,000,000 Correct answer.
  4. KRW 8,760,000

Explanation

HF ordinary products: 초기보증료 is 1.0% of house price, charged on the first pension-payment date. KRW 800,000,000 × 0.01 = KRW 8,000,000. The 0.95% figure is the annual guarantee fee on the growing loan, not the initial fee.

Question 44Client goals, household cash flow and planning process

For ordinary 주택연금 (not the mortgage-repayment special), what annual guarantee fee (연보증료) does HF publish?

  1. 0.10% of house price
  2. 0.50% of house price
  3. 0.95% of the pension-payment / loan total per year Correct answer.
  4. 2.00% of monthly payout

Explanation

HF ordinary 정액/초기증액/정기증가 products: 연보증료 is 연금지급총액의 연 0.95%. The mortgage-repayment (대출상환) special uses 1.0% annual. Initial 가입비 remains 1.0% of house price.

Question 45Client goals, household cash flow and planning process

In ARPS housing-pension cash-flow counseling, what does the 비소구 (non-recourse) feature mean if the loan plus accrued interest exceeds sale proceeds at death?

  1. Heirs must pay the entire shortfall from other inherited assets
  2. HF / the lender does not pursue heirs for the shortfall beyond the collateral house Correct answer.
  3. The monthly pension must be repaid in cash by the surviving spouse
  4. NPS automatically withholds the shortfall from 노령연금

Explanation

주택연금 is a state-guaranteed reverse mortgage. If the sale of the collateral home does not cover the accrued loan, heirs are not chased for the remainder; if a surplus remains, it goes to the heirs. That is the non-recourse teaching point.

Question 46Client goals, household cash flow and planning process

A 72-year-old homeowner's spouse is 58. For ordinary 주택연금 monthly-payment sizing, which age should the counselor treat as the binding age?

  1. 72, because the owner is older
  2. The younger spouse's age (58), which produces a smaller monthly payment than pricing off 72 Correct answer.
  3. 65, because that is the 기초연금 age
  4. Average of 72 and 58

Explanation

HF prices lifetime payments off the younger of the couple so the guarantee can last until both have died. Using the older age would overstate the monthly check. Age 58 still clears the 55+ eligibility gate.

Question 47Client goals, household cash flow and planning process

Which extra conditions distinguish 우대형 주택연금 from ordinary 주택연금 on the HF product page?

  1. Any home over KRW 1.2 billion official price, with no 기초연금 link
  2. Couple's home under KRW 250 million official price and the owner or spouse is a 기초연금 recipient Correct answer.
  3. Only civil-service pensioners may use 우대
  4. 우대 waives the 55-year age gate

Explanation

HF 우대형: 부부기준 2억 5천만원 미만 1주택 and 주택소유자 또는 배우자가 기초연금 수급자. It is a higher-payout track for lower-priced homes, not a way around the age gate or the 12-billion ordinary cap.

Question 48Client goals, household cash flow and planning process

Inside a Korean DC or IRP account, what is the standard statutory ceiling on risky assets (위험자산), and what is the default-option exception?

  1. 50% risky assets in all cases, including default options
  2. 70% risky assets in ordinary self-directed allocations; an approved 사전지정운용방법 (default option) may be invested up to 100% Correct answer.
  3. 100% risky assets in every DC fund, with no cap
  4. 0% risky assets after age 55

Explanation

Retirement-pension supervisory rules keep a 70% risky-asset cap on ordinary DC/IRP choices. MOEL's default-option (사전지정운용제도) launch expressly lets an approved default method use up to 100% despite that 70% cap.

Question 49Client goals, household cash flow and planning process

A couple worry that if the 주택연금 borrower dies first, adult children could block the surviving spouse from continuing the pension. Which HF collateral method addresses that directly?

  1. The 저당권 (mortgage) method, because the surviving spouse inherits the pension automatically
  2. The 신탁 (trust) method, because the surviving spouse takes the beneficial interest under the trust deed without needing the co-heirs' consent or a separate title transfer Correct answer.
  3. Neither method: 주택연금 always ends on the borrower's death
  4. Either method, provided the couple also buys a lifetime annuity

Explanation

Under the 저당권 method the surviving spouse must first obtain full ownership of the home, which needs the other co-heirs' agreement-children who refuse can end the pension. Under the 신탁 method the home is registered to HF under a trust deed and the spouse is named 사후수익자, so the pension passes to them on the borrower's death without co-heir consent or a title transfer. The succession filing itself is still required, and either way the survivor must complete it within six months.

Question 50Client goals, household cash flow and planning process

A client's ISA matures with KRW 30,000,000. What does moving that maturity money into a 연금저축 or IRP achieve in ARPS cash-flow and tax planning?

  1. Nothing-ISA maturity money is treated like any other deposit into a pension account
  2. Transferred within 60 days of maturity or termination, it is accepted on top of the annual pension-account contribution room and 10% of the transferred amount, capped at KRW 3 million, is added to that year's tax-credit base Correct answer.
  3. The entire KRW 30,000,000 becomes a tax credit in the year of transfer
  4. It converts the ISA into a lifetime annuity guaranteed by the government

Explanation

The pension-account transfer of ISA maturity money is a recognized route: it must be paid in within 60 days of maturity or termination, it is accepted outside the KRW 18 million annual contribution room, and 10% of the transferred amount-up to KRW 3 million-is added to that year's tax-credit base. On KRW 30,000,000 that is the full KRW 3 million, lifting the year's credit base from KRW 9 million to KRW 12 million. The extra room is a one-off for that transfer, not a recurring allowance.