Retirement can easily last more than two decades, which is why it takes saving and planning. It also requires at least basic retirement financial literacy. After all, if you don’t know when to collect Social Security benefits or what age Medicare starts, you could make costly mistakes.
Unfortunately, far too many Americans fall short when it comes to their financial retirement IQ. In fact, TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) gave Americans a failing grade when they asked adults six questions, ranging from how Social Security is calculated to the benefits of a 401(k) match. Just 45% could answer three or more correctly, and only 7% got five or six questions correct.
We developed our own six-question Retirement IQ test to help you gauge your knowledge. Think you can do better? Take our quiz below and find out!
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More on Retirement, from the Kiplinger team:
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Where There's a Will, There's a Way Your Assets Will Be Distributed as You WishYour will is the backbone of a strong, adaptable estate plan that ensures what you leave behind goes to your selected beneficiaries. Without a will, state laws determine who gets your assets.
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What You're Losing if You Cut Back on 401(k) ContributionsMissing out on the benefits of the employer match and compounding growth could force you to work longer and lower your standard of living in retirement. Here are some alternative options.
