Scary Statistics: Most Seniors Have Little Knowledge about Social Security - NAPA
It’s said that “knowledge is power” but, according to a recent study, knowledge about Social Security by those soon to be eligible for it is substantially lacking. That translates to a lot of bad claiming decisions being made and a lot of Social Security money being “left on the table” by those nearing retirement. In this article published by the National Association of Plan Advisors (NAPA), author John Sullivan reveals the results of an annual survey conducted by Massachusetts Mutual (life insurance and investment company), showing that almost 70% of those quizzed either complete failed or barely passed a very basic test about how Social Security works. Substantial percentages of survey respondents didn’t understand that spousal benefits may be available, how survivor benefits worked, or that benefits from an ex-spouse might also be available. And in spite of that lack of knowledge, a significant number knew that Social Security would likely be an important part of their retirement income (which would, one would surmise, encourage them to find out more about how Social Security works). In any case, the survey provided some scary statistics, especially considering that so many know that Social Security will be important to them, but so few know how it actually works. Click here to read the NAPA article.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…