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Misconceptions and overconfidence hurting retirement, new research shows Most Americans do not have adequate understanding about retirement as illustrated by the low scores in a test designed to gauge their knowledge in planning for the golden years, according to a report from the New York Life Center for Retirement Income at The American College. Despite the lack of knowledge, many of the respondents show a high level of confidence about their financial ability to plan for retirement, the report says. This mismatch of knowledge and confidence is a serious problem, says David Littell, the Director of the New York Life Center for Retirement Income, as it can lead to uninformed retirement planning decisions. Littell notes that Americans struggled to answer basic retirement planning questions in key areas such as Social Security benefits, annuities, retirement investments, longevity, and long-term care planning. --Forbes
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