Most people don’t really understand how to prepare for a successful retirement. There are a lot of moving parts, and a lot of what you should be doing is not very obvious. For most people, the best they can do is throw money at the problem and hope that everything turns out okay (and a lot of people don’t even get here.) There are all sorts of reasons we have a retirement savings crisis, but one of the big reasons is that most people are just not financially literate. The article I linked above mentions a survey done by Financial Engines in which only 8 percent of respondents got six out of ten questions about financial topics right. I don’t know how tough those questions were, but any way you slice it, an 8 percent pass rate is not so hot. If you’re curious how you stack up, you can take our twenty-question retirement literacy test and find out. One of the areas they specifically called out was understanding Social Security. Only about a third of respondents knew that they could delay taking their benefits until they turned seventy. Deciding when to take your Social Security benefits is one of the […]
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