As part of the new Retirement Income Literacy Survey from the American College of Financial Services, a startling new reality has come to light. Recently released, this new study that shows 80% of Americans fail a test of basic knowledge on how to survive retirement on the nest egg they\u2019ve created. They state that \u201ca large majority of people age 60-75 with at least $100,000 in assets lack the knowledge they need for a financially secure retirement in areas such as life expectancy, Social Security, long-term care needs, investment risk and more.<\/p>\n
How did the grades stack up<\/b><\/p>\n
Less than 1% of all respondents scored an A. 1% Scored a B. 5% scored a C. That\u2019s less than 7% so far. 14% scored a D and a whopping 80% scored an F! Even in light of these abysmal scores, the study states that more than half the survey\u2019s sample consider themselves well-prepared to meet their needs in retirement and 91% are \u201cat least moderately confident\u201d that they will be able to provide themselves a comfortable retirement.<\/p>\n
4% Rule<\/b><\/p>\n
Do you know the 4% rule? 69% of respondents were unfamiliar with the safe withdrawal rate in retirement. 16% thought it would be save to withdraw as much as 8% a year in retirement while another 20% leaned further back to only a 2% withdrawal being the safest way to go.<\/p>\n
Social Security<\/b><\/p>\n
Would you be one of the 53% who knew that it is best to wait to claim it until age 70? This could be a critical decision for the safety of one\u2019s financial security.<\/p>\n
More factors<\/b><\/p>\n
How much risk should you take after age 65? How do the interest prices affect your bonds?<\/p>\n
How RetirementView Software can help<\/b><\/p>\n
Use your RetirementView Software to SEE a picture of what your retirement nest egg can really do. You can play with different scenarios and watch the graph change indicating a better or worsening situation.<\/p>\n","protected":false},"excerpt":{"rendered":"
As part of the new Retirement Income Literacy Survey from the American College of Financial Services, a startling new reality has come to light. Recently released, this new study that shows 80% of Americans fail a test of basic knowledge on how to survive retirement on the nest egg they\u2019ve created. They state that \u201ca […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/posts\/252"}],"collection":[{"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/comments?post=252"}],"version-history":[{"count":3,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/posts\/252\/revisions"}],"predecessor-version":[{"id":267,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/posts\/252\/revisions\/267"}],"wp:attachment":[{"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/media?parent=252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/categories?post=252"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/tags?post=252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}