Most Americans Don’t Know the Basics of Social Security
April 7, 2020
Social Security is a big part of most American’s retirement plans, unfortunately, there are so many ins and outs to the program that many Americans don’t understand how their actions will impact the benefits they receive.
MassMutual gave 1,500 Americans nearing retirement age a test on the basics of Social Security. More than half either failed or just barely passed with a “D.”
The most common correct answer was whether benefits would be reduced if they started to collect early. Most respondents correctly said yes, benefits would be reduced, but beyond that knew little. Social Security rules can be a labyrinth, with a myriad of conditions and factors about when one stops working and their income. Because it is so important, those nearing retirement should research the topic or meet with an expert to ensure that they understand how their benefits will be determined and how to maximize them.