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Are you financially prepared for retirement?

Most adults adults are clueless about how much

Most adults adults are clueless about how much it will cost to retire, a study says. (Credit: Getty Images / iStockphoto / donskarpo)

It costs a lot to retire -- more than most people realize. 

Financial services firm Fidelity Investments recently conducted a "retirement IQ survey," gauging Americans' aptitude for personal finance, especially in how it relates to retirement. What it found was that many were underestimating how much they need to save and how best to do it.

Are you more financially savvy than the average American? Take this quiz about the cost of retiring, which adopts many of the questions Fidelity asked its respondents, and find out.

1

In order to maintain living standards in retirement, what percent of annual income do financial professionals suggest people save?

2

What is the maximum amount an individual can contribute to a 401(k) or 403(b) in 2017?

3

How often over the past 35 years do you think the market has had a positive annual return?

4

If an investor saved $50 every month for 25 years, how much would that investor have, including interest if it grew at the historical stock market average?

5

Roughly how much do many financial professionals suggest people save by the time they retire?

6

How much do financial experts suggest you withdraw in retirement to ensure you don't run out of money early?

7

What is the youngest a person can be to withdraw funds from their 401(k) and/or IRA without incurring a 10-percent penalty?

8

What is the single biggest expense for most people in retirement?

9

About how much will an average U.S. couple retiring at age 65 spend on out-of-pocket costs for health care over the course of retirement?

10

Approximately how much did the average monthly Social Security benefit pay in 2016?

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