Abstract:
In a recent survey, The American College of Financial Services asked 1,244 consumers, aged 60 to 75 years old with at least $100,000 in assets other than their home, to take a quiz measuring their retirement income financial literacy. The survey measured Americans' retirement income financial literacy to determine which aspects of retirement income planning were most and least understood. The survey focused on 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.
