Wednesday, January 14, 2015

Be an Expert in Retirement Income Planning

Even though many surveys have tested financial literacy, little work has focused specifically on retirement income knowledge. To fill this gap, The American College New York Life Center for Retirement Income asked Greenwald & Associates to conduct the RICP® Retirement Income Literacy Survey, a comprehensive survey testing retirement income literacy. The survey included 38 quiz questions in 11 relevant topic areas. The survey also asked respondents about their attitudes and amount of planning activity. Online interviews were conducted with 1,019 Americans ages 60-75 with at least $100,000 in household assets (not including their primary residence). Just 20% of those surveyed passed the quiz. 

 

View the recorded webcast of David Littell, Jamie Hopkins, and Mathew Greenwald discussing the RICP® Retirement Income Literacy Survey.

 

Retirement income literacy for those moving into retirement is critical. There are many important decisions to make about deciding when to retire, claiming Social Security benefits, addressing medical insurance, investing a retirement portfolio, and choosing strategies to convert assets into income. Most decisions have significant financial implications, and good decisions can mean more income in retirement as well as more protection against the uncertainties and risks retirees face. A large majority of people 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.