Baby Boomers and Retirement: Overconfidence and Confusion?
The 2017 RICP® Retirement Income Literacy Survey commissioned by the American College New York Life Center for Retirement Income earlier this year provided some surprising insights into the depth of knowledge older Americans have about issues key to their post-career years. In fact, the Survey concluded that “(r)oughly 3 out of 4 people between the ages of 60 and 75 could not pass a quiz on basic retirement income concepts.” And one of the very basic areas where a lack of awareness surfaced was Social Security; for example, about 40% weren’t aware delaying beyond age 62 would increase benefits.
The Cheat Sheet’s Money & Career, Health & Fitness, and Culture Writer Megan Elliott reflects on the results of this survey, and provides an 11-point synopsis of where the Baby Boom generation needs to brush up on their retirement planning savvy. Read her article here, but also know that the AMAC Foundation stands ready to assist with specific and personal questions regarding Social Security filing strategies. Learn more about the Foundation’s free-to-the-public Social Security Advisory Service here…
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