QUIZ: Test Your Retirement IQ

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:

• Need a Reason to Retire Early? Consider These Eye-Opening Stats
• When To Take Social Security Payments: Your Age Matters
• Should You Contribute to a 401(k) Without Employer Matching?
• Medicare Basics: 12 Things You Need to Know