If information is power, many Americans nearing retirement age may be in trouble. A significant portion of the population doesn’t know much about retirement planning and doesn’t have the information they need to make good decisions, according to a MoneyRates.com survey.
More than two-thirds of respondents don’t know how much they should save or how much they could afford to spend in retirement.
Of those yet to start collecting Social Security, most intend to wait to reap the larger benefit; but of those already collecting Social Security, the majority did so at age 62.
Less than 10 percent of respondents who don’t feel knowledgeable about retirement planning have consulted a financial professional.