Misconceptions and myths about retirement may be holding many back from proper planning.
In an effort to understand Americans’ knowledge about retirement planning, Fidelity Investments conducted a first-ever Retirement IQ Survey in December.
The response was not encouraging. Many, including those 55 or older, missed the mark on key retirement questions, and adhered to several myths and misconceptions that could be holding them back.
“Although retirement may seem far off for many, there are retirement concepts everyone should know to ensure you’re able to fulfill the goals you have for yourself and your family,” Ken Hevert, senior vice president of retirement at Fidelity, said in a statement.
“We encourage investors to think about the goals they want to achieve and develop a plan to get there, but it starts with knowing where you stand in order to identify opportunities to improve.”
ORC International conducted the online survey in mid-December in two phases: first, among a sample of 1,007 respondents ages 55 to 65 who are not retired; then, among a demographically representative U.S. sample of 1,047 adults comprising 512 men and 535 women 18 and older.
Following are the eight questions Fidelity asked respondents, along with the correct answers and how often respondents got them right...complete the quick form below to download full report instantly!