MetLife Mature Market Institute’s Retirement Income Quiz is Now Available Online

  MetLife Mature Market Institute’s Retirement Income Quiz is Now Available
  Online

  Results will Help Americans Determine Their Financial Needs in Retirement

Business Wire

NEW YORK -- November 15, 2012

The MetLife Mature Market Institute’s Retirement Income Quiz is now available
to the public online. The 14-question interactive tool was designed to help
those planning for retirement determine how much they know about retirement
income and to offer them a better understanding of how to make their money
last for the duration of their lives.

The Retirement Income Quiz was presented in 2011 to a test panel of 1,213
pre-retired Americans aged 56 to 65. The majority answered only 1/3 of the
questions correctly, indicating misperception and misunderstanding in a number
of core areas, such as life expectancy, inflation, retirement income/savings,
long-term care, and Social Security.

For instance, only 45% of respondents knew that experts believe retirees will
need 80 to 90% of their pre-retirement income to maintain their current
standard of living. Nearly three in ten (29%) incorrectly believe that
retirees should limit the percent they withdraw from their savings each year
to 7 to 10, while in reality, experts advise limiting withdrawals to four to
six percent annually. In addition, just 17% knew that delaying the collection
of Social Security by three years would add 24% to the amount they receive.

“We’ve made this quiz available to the general public to help them become
aware of what they’ll need in retirement and how much it’s going to cost to
maintain their current lifestyle, especially in light of today’s longer life
spans,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market
Institute. “We hope this will encourage Americans to take the next appropriate
steps. For those who haven’t done so, it's a good idea to talk to a financial
professional to determine the right retirement income strategy with a steady
income stream tailored to the individual or couple.”

Here are sample questions from the quiz with answers, which are provided
following each question online:

Q. What was the average monthly Social Security benefit paid in 2010 to a
retired worker?

A. $1,175

Q. What percent of pre-retirement income do experts think retirees need to use
as a benchmark for determining the amount of annual income in retirement to
maintain their living standard?

A. 80-90%

Q. An individual who reaches the age 65 has a life expectancy of age 85. What
are the chances he or she will live beyond that age?

A. 50%

Q. At what age would a person who is age 55 in 2011 be able to collect full
Social Security benefits?

A. 66 and 4 months


Methodology

The 2011 MetLife Retirement Income IQ, which is nearly identical to the online
quiz,  was conducted by the MetLife Mature Market Institute and administered
online by GfK North America to 1,213 pre-retirees in June 2011. Participants
were working full-time, within five years of retirement and were the co- or
primary household financial decision-maker. Data were weighted based on
gender, education and occupation.

The Retirement Income Quiz can be accessed and conducted online at
www.maturemarketinstitute.com. It can also be found in a printable version
here.

The MetLife Mature Market Institute®

Celebrating its 15-year anniversary in 2012, the MetLife Mature Market
Institute is Metropolitan Life Insurance Company's (MetLife) center of
expertise in aging, longevity and the generations and is a recognized thought
leader by business, the media, opinion leaders and the public. The Institute's
groundbreaking research, insights, strategic partnerships and consumer
education expand the knowledge and choices for those in, approaching or
working with the mature market.

The Institute supports MetLife's long-standing commitment to identifying
emerging issues and innovative solutions for the challenges of life. MetLife,
Inc. is a leading global provider of insurance, annuities and employee benefit
programs, serving 90 million customers. Through its subsidiaries and
affiliates, MetLife holds leading market positions in the United States,
Japan, Latin America, Asia, Europe and the Middle East. For more information,
please visit: www.MatureMarketInstitute.com.

Contact:

DJC Communications
Debra Caruso, 212-971-9708
debra@djccommunications.com
or
MetLife
Meghan Lantier, 212-578-6734
mlantier@metlife.com
 
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