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Research from the 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.