Most Americans flunk when it comes to retirement literacy, study finds > News Clips

Most Americans flunk when it comes to retirement literacy, study finds

Most Americans between the ages of 50 and 75 flunked a retirement income literacy quiz that tested their knowledge across a dozen areas, including inflation, investments, long-term care costs, and Social Security, according to The American College of Financial Services’ recently published Retirement Income Literacy Study.

The average retirement income literacy grade on the exam was 31% — out of a possible score of 100%.

Talk about tanking the test.

Don’t take this lightly. Everyone nearing or in retirement should aim to ace it. You might have decades to live in retirement, so lacking knowledge about the underpinnings of your retirement income is flat-out precarious.

Saving for retirement is up to us, as traditional pensions are mostly in the rearview mirror for private-sector workers. That means we need to know how much to save, where to save it, and how much to withdraw in retirement, Steve Parrish, professor of practice and scholar in residence at The American College of Financial Services, told Yahoo Finance.

"To do that, you need to have an understanding of the basic concepts about investing, taxes, insurance, and finances," he said.

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https://www.yahoo.com/finance/news/most-americans-flunk-when-it-comes-to-retirement-literacy-study-finds-140518119.html

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