When is the last time you sat down and looked over your financial situation or even consulted with your financial planner or attorney about it? Research shows that many Americans don’t understand the basics of financial literacy and now there are plenty of studies to back it up. Retirement income literacy is one of the most challenging aspects of understanding finances for those people between ages 60 and 75. A recent study looked at people in that age category who had investable assets of at least $100,000.
Only 26% of Americans in that age category were able to pass retirement income literacy quiz which involved over 35 questions about Medicare, social security, retirement plans, and taxes. Fewer than 1% of the respondents scored between 91% and 100%.
The results of this study were recently published in the Journal of Financial Planning, and around 1,200 Americans participated in the study. The 2017 version of the study found that older Americans did have a lack of knowledge about issues such as sustaining retirement income, preserving assets, long term care, social security, annuities, and more. If you are curious about how best to protect yourself and your future, schedule a consultation with an estate planning lawyer today in Pasadena. You deserve to have a clear picture of your financial future.