Retirement literacy shockingly low: survey

 

Many Americans fared poorly in a retirement literacy survey conducted by the American College of Financial Services, according to an article from the Chicago Tribune. Only 38% of the participants were aware that the maximum sustainable withdrawal rate is 4% for a nest egg worth $100,000, while only 34% of the respondents knew the impact of negative return on assets is greater at retirement age than either before or after retirement. The survey also found that participants had average understanding about IRAs, with many participants not knowing a sufficient amount of Social Security benefits.

 

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