A whopping three quarters of Americans fail a quiz on how to make their retirement dollars go far enough to see them all the way through retirement, although they think they know what they're doing; 61 percent of respondents indicate they have high levels of retirement income knowledge.
But—and it's a big but–among those who claim to be highly knowledgeable, only 33 percent could pass a retirement income quiz.
That's according to The American College of Financial Services, whose RCIP Retirement Income Literacy quiz revealed frightening gaps in workers' knowledge and understanding of retirement income—a clear indication that both plan sponsors and advisors should heed the obvious need for more and better education.
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