From Dow Jones & Company:

A recent study discovered that people with high longevity literacy tend to have a greater sense of retirement readiness. However, only 12% of U.S. adults were found to have strong longevity literacy, while 31% had weak longevity literacy. The study also found that men have lower longevity literacy compared to women, which poses potential problems in retirement planning. Despite the lack of understanding regarding longevity, it’s crucial to have this knowledge to appropriately save for retirement and avoid running out of money. Annuities can provide a solution for financial security in retirement, but only 14% of Americans have purchased them. There are clear structural barriers in the current retirement system, which may hinder people from making decisions in their best interest.



Read more: One secret to retirement readiness may be knowing this simple fact