Americans Are Underestimating Their Social Security Benefits  - AMAC & Yahoo Finance

Andrew Lisa has a fascinating piece here that details the opposite conclusion from what one might think. We know Americans tend to be over-reliant on Social Security from other research, by not saving as much on their own and not understanding the ins and out of claiming amounts by age. But according to a new study from the National Bureau of Economic Research (NBER), people tend to underestimate the amount of their future benefits and wind up receiving more than they expected. The study did reveal most people accurately estimate the age they’ll claim benefits. As to why so many are misjudging the size of their benefits, Al Kushner of Real Easy Medicare states, “One possible explanation is that seniors may not fully understand how Social Security benefits are calculated or may not have access to accurate information about their potential benefits.” Full article 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.

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