My Comments: If you’re still working and expect to continue living, chances are you’ll decide at some point to retire. That’s when you stop working for money and money starts working for you. The trick is to have enough to maintain your chosen standard of living.

I’m hoping you’ll read the few words below and then click on the link that appears in paragraph 4 below. You’ll find yourself at a second article with very good information and access to the actual quiz at the end of the article. Good luck!

By Kerry Hannon / 24 FEB 2024 / http://tinyurl.com/37h2nca4

Saving for retirement gets all the buzz. Accumulate, accumulate, accumulate is the incessant advice, along with reprimands that we’re not saving enough.

The savings gospel itself is not a bad thing, but the reality of what happens when we retire and how that translates to income and spending gets short shrift.

But a key to not running out of money in retirement is knowing how much you will pay yourself after you step out of the workforce and how much you’ll need to shell out for a myriad of living costs.

Most Americans aged 50 to 75 flunked a retirement income literacy quiz developed by The American College of Financial Services that tested their knowledge across a dozen areas, including inflation, investments, long-term care, Medicare, and Social Security.

It was an epic fail. The overall average retirement income literacy grade was 31% — out of a possible score of 100%.

Take this quiz to see how well you understand how best to manage your finances in retirement.