The Power of Retirement Income Financial Literacy - Literacy Impacts Financial Sophistication

Abstract

The American College of Financial surveyed Americans to find out what they know about retirement income. The survey was intended to determine which aspects of retirement income planning were most and least understood by this demographic. Literacy areas of focus were taxes, inflation, Medicare, investments, long term care, life insurance, annuities, Social Security, pensions and housing. The results of the survey cast a bright light on acute and widespread gaps in retirement income knowledge.