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Study Reveals Lack of Knowledge about Income Needed for Retirement

Most Americans fail to calculate how much money they will need for a steady and lasting retirement income, according to a new report.

MetLife Mature Market Institute, Westport, Conn., published this finding in a summary of results of a 2011 MetLife Retirement Income IQ, a quiz that includes 15 intelligence-quotient questions and 9 questions to address respondents’ retirement security and planning. The quiz was administered online in June by GfK North America to 1,213 pre-retirees, aged 56 to 65, who are working full-time and are within five years of retirement.

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