Readying For Retirement In A Recession
Encountering a recession right before retirement can be anxiety-inducing for anyone. With market conditions taking on a disproportionate significance in the five years immediately prior to and following an exit from the workforce, it’s no surprise that this period is known as the “fragile decade.”
The current downturn caused by the COVID-19 pandemic has added layers of challenges for savers approaching retirement. Between job concerns, a volatile stock market and no clear insight into when normalcy could return, near-retirees are currently facing a heavy fog of uncertainty.
Unfortunately, notwithstanding the pandemic, recent data has only underscored how the near-retiree demographic is, on the whole, lacking when it comes to retirement planning. According to the 2020 Retirement Income Literacy Survey from The American College of Financial
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How would you finish this sentence: “I need to become more financially…”
Retirement Counseling and Training www.retirefederal.com
The start of April signals it’s not only springtime, but National Financial Literacy Month. I love the spring, and am easily distracted by the blossoming flowers and trees. Are you like this when it comes to thinking about money? I sympathize, but it’s worth your while to pay attention to your financial literacy.
Now that most federal employees have become investors thanks to the Thrift Savings Plan, it’s important to understand at least the basics of money management. How would you finish the following statement: “I need to become more financially…” Here are some possible answers:
Americans tend to overestimate how many years they will be able to keep working, while they tend to underestimate how long they will live.
That was among the findings of the 2020 Retirement Income Literacy Survey taken by The American College. The study showed that consumers have a wide knowledge gap in retirement income literacy and they struggle with awareness of basic investment management.
The survey showed four in five Americans ages 50-75 fail to understand the basics of planning for a financially secure retirement. Retirees as well as pre-retirees lacked knowledge surrounding income in retirement, basic investment management and planning for long-term care needs.
89% of women failed retirement literacy quiz: Study
But older women are more willing to seek financial planning help than men, according to a survey by The American College of Financial Services.
January 14, 2021 3 MINS
When it comes to retirement literacy, most Americans get a failing grade. According to newly released research by The American College of Financial Services, women fare worse than men, with 89% of female participants flunking a 38-question quiz, compared to 72% of men.
The 2020 Retirement Income Literacy Survey tested consumers’ knowledge of retirement income concepts and focused on the drawdown phase of retirement planning. The results are based on online interviews with 1,500 Americans ages 50 to 75 with at least $100,000 of household assets.