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Social Security – The 5 Things Most Don’t Know

Vance Cariaga of Yahoo Finance reports on a new study by the Nationwide Retirement Institute noting that most Americans are sorely lacking in knowledge about the most basic functions of Social Security. It was based on a survey conducted by The Harris Poll on behalf of the Nationwide Retirement Institute, part of the Nationwide insurance and financial services company. These are the five things most Americans do not have right:

  • Eligibility age: 39% don’t know the eligible age to receive full benefits.
  • Payments: Just over 50% not yet receiving Social Security have no clear sense of how much they will get in income.
  • Spousal/child benefits: 30% don’t know that Social Security may offer benefits for spouses and children
  • Inflation protection: 37% incorrectly think Social Security benefits are not protected against inflation
  • No adjustments: 45% mistakenly believe that if they claim benefits early, their benefits will go up automatically when reaching full retirement age, or they don’t know this is false.

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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