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Think you know everything about 401k and IRAs? I invite you to take the Kiplinger’s Retirement Quiz! After each question, it will instantly tell you whether you got the question right or wrong and then give some information related to the topic.

What I want to talk about though is actually the statistics that it showed after I took the quiz. Take a look at this:

The quiz consisted of a total of 10 questions about varies aspects of 401k and IRAs. As you can see, two-thirds (67%) of 14000+ participants answered less than 8 out of 10 questions correct. This means that many people couldn’t fully take advantage of the 401k and IRAs even if they wanted to because chances are people don’t know the complete picture of these plans.

Based on these results, it shows that everyone should learn more about 401ks, IRAs and retirement plans in general! We can accomplish this by reading financial blogs like this one as well as keep up to date with finance magazines. Another good source of information is actually the 401k plan administrator at work. Even if that person doesn’t know enough about the plans, he or she can usually give you some information or point you in the right direction.

I know it’s boring to spend time reading about retirement plans, but these “do-it-yourself” retirement plans might be what separates us from financial freedom and poverty during retirement! So, go read some articles about retirement plans okay?