Our expert faculty are frequent contributors to consumer-based media as well as to more scholarly academic publications. Keep current with recent developments in the retirement income planning field and check out the latest articles from the thought leaders who are part of the The American College New York Life Center for Retirement Income.
About three in four (74%) Americans failed a 38-question retirement literacy quiz published as part of the survey by the American College of Financial Services New York Life Center for Retirement Income. In fact, respondents to the survey answered on average slightly less than half the questions correctly.
Women are not necessarily well-prepared to manage the money coming towards them in the future. Only 18% of retirement-age women passed a financial literacy quiz on making a nest egg last through retirement, compared with twice as many men who passed.
Retirement-age women score poorly when it comes to financial literacy, according to MarketWatch. Just 18% of this cohort passed a quiz from the American College of Financial Services on making a nest egg last through retirement.
Unlike their younger counterparts, individuals nearing or in retirement do not have the luxury of a long time-horizon to grow their nest egg. They have reached the point where developing a strategy to sustain their assets and draw retirement income is critical.
When it comes to retirement planning, women have a few distinct advantages over men. Because they're typically less confident investors, they're more likely to do their research and ask questions, which leads to fewer impulsive decisions.
Earlier this week, the American College of Financial Services Center for Retirement Income released its 2017 survey results on retirement income literacy. While this survey generated a lot of interesting data on financial literacy, the disparity between men and women was especially concerning.
What older women don’t know about retirement could certainly hurt them. Both men and women display startling low financial literacy, but women passed a simple test of financial knowledge at half the rate of men, according to a study focusing on Americans of retirement age.
It is unfortunate that the people who are likely to live the longest understand the least about how to make their money last a lifetime. Only 18% of retirement age women can pass a basic quiz about how to make a nest egg last in retirement.
A recent survey, the 2017 RICP® Retirement Income Literacy Report, by The American College of Financial Services, found that retirement age women lag significantly behind their male counterparts when it comes to retirement income literacy.