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Great Italian-American people neighborhoods across the USA

Monday, 03 February 2014 683 Views 0 Comments

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The results of the poll, released today by the American College of Financial Services in Bryn Mawr, Pa., are pretty dismal. The poll was conducted through online interviews of 1,019 people 60 to 75 years old with at least $100,000 in household assets.

They were asked 38 retirement literacy questions on basics, such as Social Security, life expectancy, IRAs, life insurance and investments, and how bonds work. Only 2 in 10 had passing grades, the college said.

“We’re not surprised by the fact that people don’t know a lot about retirement income planning,” says David Littell, program director at the American College. “I was surprised at how badly they did.”

It’s not the first survey to raise concerns about Americans’ retirement readiness. The 2011 report “Financial Literacy and Retirement Planning in the United States,” done for the National Bureau for Economic Research, found similar shortcomings, though not to the same degree. That report said, “Americans fail to understand critical financial concepts, including interest compounding, inflation, and risk diversification, and these shortcomings are most acute for women, the less educated, and older individuals.” That report also said many people have failed to plan for retirement, even when it’s only five to 10 years off.
“We’re not surprised by the fact that people don’t know a lot about retirement income planning,” says David Littell, program director at the American College. “I was surprised at how badly they did.”

“Most Americans — of all ages — didn’t have the best financial role models in their parents,” she says. “Nor do we get any formal training or teaching in the area of investments, Social Security, long-term care and related topics. With so many complexities and so many options, it’s very difficult for the average 60-year-old to stay on top of the stock market, to fully understand the variety of annuities offered in the marketplace, and to also navigate issues like life insurance, taxes and medical insurance planning.”

Keyser Soze

Keyser Soze

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