3 Common Misconceptions About Social Security
Chris Kissell’s piece here in Money Talks News addresses three common misconceptions on Social Security, a massive and confusing program that even trips up the experts. The Nationwide Retirement Institute’s seventh-annual Social Security survey found three main things:
- Large numbers of American adults do not understand that if they claim benefits early, their benefits will not go up automatically when they reach full retirement age. Just 45% of millennials, 49% of Generation Xers, and 69% of baby boomers and older generations understand this.
- The vast majority of people in each age group incorrectly identified the age at which they are eligible for full benefits. That includes 97% of millennials, 90% of Generation Xers and 80% of baby boomers and older generations.
- Fewer than 1 in 10 adults — 4% of millennials, 6% of Generation Xers and 7% of baby boomers and older — know all the factors that determine the maximum benefit.
Read full piece by Kissell here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.