What Is Your Financial and Retirement Literacy IQ?
Category: Financial and taxes in retirement
June 17, 2025 — Many Americans are stumped when it comes to understanding important financial and retirement issues. Asked questions related to Social Security benefits, Medicare coverage, employment-based retirement savings, most respondents in a recent study bombed. On average, they only answered two of the six questions on these issues correctly.
We’re including the quiz below so you can see how you would do!
The bad news comes in a new report from the TIAA Institute and the Global Financial Literacy Excellence Center at the George Washington University School of Business. There were six questions in the 2025 survey used to gauge basic retirement fluency. Those included knowledge promoting financial well-being in retirement. Each question covered a distinct subject: Social Security benefits, Medicare coverage of healthcare expenses, employment-based retirement savings, ensuring lifetime income, likelihood of needing long-term care at older ages, and life expectancy in retirement.
Comments on "What Is Your Financial and Retirement Literacy IQ?"
JCarol says:
For many, there is also a world difference between taking early SS benefits at age 62, rather than delaying them until full retirement age (now close to age 67) or when maximum benefits will be paid (age 70).