Americans are woefully unprepared for retirement. The evidence is everywhere, and it’s pretty scary, considering we’re living longer than ever.
Read: 5 habits that could prolong your life by a decade
One of the most troubling stats comes from the National Institute on Retirement Security, which found nearly 40 million households have no retirement savings at all. For them, the bull market doesn’t mean that much.
Read: Not ready for retirement? You’re not alone
Another red flag comes from Fidelity. Apparently, a 65-year-old couple retiring this year will need $280,000 to cover health care and medical expenses throughout retirement. That’s up 2% from a year ago and 75% from 2002.
It’s not getting any cheaper.
So, how are we supposed to better get a handle on the future? It all starts with education, and, if a survey from GoBankingRates.com is any indication, there’s a lot of work to do on that front, as well.
The personal finance website polled 2,500 Americans about their “basic” retirement knowledge, and determined that only 2% of respondents passed the quiz. To be fair, it’s not as easy as it sounds.
Try it for yourself and let us know how you fared in the comments:
Read: Three simple steps to prepare for retirement