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Clients Overconfident About Retirement Plan Knowledge

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Your clients probably think they know more about how their retirement plan works under the hood than they really do.

That’s a key finding of a quiz of more than 1,000 60- to 75-year-olds on retirement income, administered by the American College of Financial Services. The college, which trains financial planners, wanted to gauge how much Americans know about key retirement concepts - safe withdrawal rates, the relative risk of stocks and bonds, investment fees, longevity and the benefits of delayed Social Security filing.