American workers aren't all that well versed in how their retirement plans  work, much less how retirement itself is going to work.

They may have grand notions about sailing around the world and taking up new hobbies or missions in life, maybe even changing the world, but when it comes to how their own lives are going to change, they're probably not as savvy as they think they are.

One area in particular they might not be too well informed about is that of finance—and some requirements they'll have to fulfill or be penalized, whether they're aware of them or not.

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