In the News

Title

Many Lack Basic Retirement Income Knowledge

Document Type

Article

Publication Date

12-3-2014

Abstract

A large majority (80%) of retirement-age Americans received failing grades after taking a basic quiz on how to make their nest eggs last throughout retirement, according to The American College of Financial Services. A recent survey from the organization revealed the well-known “4% rule” is a complete mystery to seven in 10 Americans, and a majority of people age 60 to 75 with at least $100,000 in assets lack important knowledge in areas such as life expectancy, Social Security, long-term care needs, investment risk, and more.