February 16, 2016
Can You Pass this Retirement Quiz?
Most people in a recent retirement survey fielded by the American College of Financial Services were confident that they had saved enough money to live in comfort in retirement.
But how do they know if they’re on-track? Four out of five also flunked the survey’s retirement planning quiz, answering less than 60 percent of its 38 financial questions correctly.
What’s striking about the poor results is that the quiz takers were a select and relatively well-off group: 60- to 75-year-olds with at least $100,000 in financial assets, excluding their home equity. A majority of them also have a financial adviser. One would think that people with both investment and retirement experience would do better. This also raises the question of what the quiz results say about the financial outlook for retirees with fewer advantages.
Think you can do better? With the American College’s permission, Squared Away selected five of its questions for a short quiz for our readers. Some of the answers incorporate the American College’s expertise with that of the Center for Retirement Research, which supports this blog.