Retirement: How Ready Are You?

Retirement: How Ready Are You?

January 9, 2015 – “Apples, peaches, pumpkin pie….”

Remember that?

If you once lived in a house without satellite, cable or, heck, even color television, you likely recognize this familiar jingle as part of something you shouted, before opening your eyes, when you were “it” during a neighborhood game of hide-and-go-seek you played as a kid.

You might even recall the Jay & the Techniques song of the same title still occasionally played on oldies stations.

For my part, it’s the second stanza of the popular kid game phrase which came to mind as I finished taking The American College Retirement Income Literacy Quiz earlier today.

“…Who’s not ready holler I.”

As recently reported on CNBC and in several newspapers – USA Today, Washington Post, and Chicago Tribune among them – many of us from the Leave It to Beaver generation are simply NOT ready for retirement.

[CLICK HERE] to Quiz Yourself on Your Own Retirement Literacy

The New York Life Center for Retirement Income at The American College commissioned an online survey to “assess retirement literacy among individuals who are nearing or already in retirement.”

One of the most comprehensive surveys on retirement income literacy ever conducted, the RICP® Retirement Income Literacy Survey covered a host of retirement basics topics such as:

Social Security claiming options,

Medicare and health insurance planning,

Company retirement, IRAs and Investments,

Life insurance, Long-term care, Etc.

The “I’s” have it

Only 20% of those surveyed received a passing score of 60% or better.

ID-10094861With an average score of only 42%, the majority of survey respondents – and by extrapolation, Americans – are not knowledgeable enough about some very basic choices they’ll need to make leading up to and during retirement.

Fortunately, having spent the better part of 2014 earning my Retirement Income Certified Professional® designation through The American College, I had enough retirement knowledge fresh in my brain to be able to pass the quiz with flying colors.

I got a 91%.

But honestly, even though I’ve been in the insurance industry for nearly all of my adult life, until about a year ago I seriously doubt I would have scored nearly as well. I may not have even passed myself.

I strongly encourage you to take a few minutes to take the quiz for yourself to see how you fare.

Then, when you have questions about anything relating to your own retirement situation, don’t hesitate to call us to let us know how we can help you get ready for this important transition.

Because remember the song’s refrain:

“Ready or not, you shall be caught!”

(Image courtesy of stockimages at FreeDigitalPhotos.net)

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