The 2017 RICP® Retirement Income Literacy Survey once again reminded us that consumers do not know a lot about retirement income planning. Three-fourths of the 60- to 75-year-old respondents who took a 38-question comprehensive quiz did not pass. The average score was just 47 percent correct.
What are some ways to help your clients learn more so that they are better prepared for retirement? First, have them take the 38-question literacy quiz. After submitting the quiz, they will see their results along with feedback for each question. This can be a fun way to learn. Another is to encourage your clients to watch the following videos made for consumers in which Anna Rappaport talks about three important retirement concerns.
In the first video, we talk about the important factors to consider when a retiree is choosing whether to take a lump sum or an annuity from a traditional employer-provided pension plan. The second video focuses on an issue that many pre-retirees don’t plan for—the possibility that an older worker may face retirement earlier than planned. The third video discusses an important topic – helping consumers plan for different stages of retirement.
Read more about the videos on The American College’s blog.