When it comes to retirement 101, Americans are getting an “F.” According to a study by the American College of Financial Services, three in four retirement-aged adults failed a quiz on ways to make their nest eggs last through retirement. Moreover, older Americans between the ages of 60 and 75 have trouble comprehending vital financial topics including investment considerations, paying for long-term care expenses, and strategies for sustaining income throughout retirement.

This is particularly troubling considering that in the next 12 years, about 10,000 Baby Boomers are expected to reach age 65 each day — in the midst of market volatility and a major gap in financial literacy.

“More and more Americans are retiring but so few understand basic facts and strategies when it comes to ensuring that their retirement is a comfortable one,” says David Littell, retirement income program co-director at The American College of Financial Services. “The results of this survey are alarming and a stark reminder of the need to be prepared for the decades in retirement when you are not earning a steady stream of income.”

However, many Americans might not even be aware they are unprepared for retirement. More than half or 61% of respondents reported having high levels of retirement income knowledge. Of these, however, only 33% passed the quiz highlighting a need for more effective targeted communication around essential topics.

Read more: Americans Get an ‘F’ on Retirement Planning | PLANSPONSOR