Think you can handle retirement planning? Most people can't pass this quiz

[Omaha Steve]

http://www.omaha.com/money/think-you-can-handle-retirement-planning-most-people-can-t/article_308fb2a6-546e-56ae-833d-e990e0d96254.html

POSTED: TUESDAY, FEBRUARY 17, 2015 1:00 AM | UPDATED: 11:13 AM, TUE FEB 17, 2015.
By Joe Hearn

Can you pass a basic retirement quiz?

The American College of Financial Services recently did a two-part study to gauge baby boomers’ preparation for retirement. They surveyed 1,019 Americans ages 60 to 75 who had at least $100,000 in investment assets.

Part 1 of the study asked people how knowledgeable they were on certain retirement issues and how confident they were in their preparations for retirement. Of those surveyed, 97 percent said they were either very or somewhat knowledgeable about saving for their own retirement. More than 90 percent said they were at least moderately confident in their ability to achieve a secure retirement. More than half (55 percent) considered themselves well-prepared to meet their income needs in retirement. So far, so good.

Part 2 was a retirement quiz. Oh. Well, that shouldn’t be a problem. The survey group seems confident and well-prepared. How did they do? Eighty percent failed. And of the 20 percent who passed, most got D’s. Less than 1 percent got an A. After looking at the results, I think there are a few important takeaways from the study that can help the rest of us increase our chances of a secure retirement.

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FULL story at link.

[Newest Reality]

1. What is this thing called

retirement????

[Art_from_Ark]

5. It's this thing that happens when you turn 50 or thereabouts

and your company thinks you're becoming a burden on them because you want something called a "raise" because you haven't gotten one in 20 years, and besides, you're increasing the group insurance rates because you're getting so old, so the company boots you out for a young turk who will work for peanuts, and you're stuck staying at home all day, or going fishing, or maybe getting a job as a Walmart greeter because Walmart's the only company that'll hire some old fart like you.

[HeiressofBickworth]

2. BS meter pegged over

It is NOT a basic retirement quiz. The subject sample was people who had over $100,000 in investment assets. Passing or not passing this quiz is one of those first-world problems.

[Rochester]

3. I tried it, got 71%

I passed, yay.

[Skittles]

4. 77%

Last edited Wed Feb 18, 2015, 03:21 AM - Edit history (1)