Pre-retirees need a refresher course. And fast.
When MetLife asked 1,213 56- to 65-year-olds about the income they'll need and the expenses they'll have, most had only five correct answers to the 15 questions. That's not good. In 2008,responders got six of the 15 questions right.
Oh boy. time to go back to the drawing board. After all Americans are not getting any younger.
According to the results released Tuesday by the MetLife Mature Market Institute, misperceptions include: :
But respondents did get a few things right.
Most understood they will live longer and need to plan while they still working. A healthy 87 percent are planning to work longer or have jacked up their 40(k) contributions. And 62 percent have sought professional financial advice.
Still, it's not enough.
"Everyone knows they're likely to live longer, but most don't realize that can mean living past age 85,’’ said MetLife Institute director Sandra Timmermann. “And they fail to calculate how much money they will need for a steady and lasting income."
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