Take a Social Security ask that 72% of Americans failed

In a area of confusing financial topics, Social Security advantages contingency arrange somewhere nearby a really tip of a list.

Despite a fact that some-more than 59 million Americans — 9 out of 10 people over a age of 65 — accept retirement advantages and some 165 million workers compensate payroll taxes into a system, a new consult shows that many of us are woefully uninformed about a details of a vicious program.

Nearly three-quarters of Americans (72%) recently surveyed by MassMutual managed to pass a 10-question ask on simple Social Security concepts. Only a singular particular out of some-more than 1,500 respondents managed to answer all 10 correctly.

Given a fact that so many of us rest on these advantages in retirement, it’s discouraging on a series of fronts.

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Among Social Security beneficiaries, some-more than half of married couples and 74% of unwed people rest on their advantages for 50% or some-more of their income. For these workers, it’s essential to have a devise in place to explain a maximum benefit. Everything from when we confirm to explain advantages to either we work in retirement can impact a distance of your monthly Social Security check.  

Further pushing a need to record a retirement assets devise is a fact that we’re vital so most longer than past generations. In 1940, a life outlook of a 65-year-old was about 14 additional years; currently it’s about 20, according to a Social Security Administration. And today’s immature workers are most less likely to suffer a combined advantage of a grant to addition retirement benefits.

“Perhaps a biggest Social Security necessity in this nation is a miss of preparation around a retirement advantages of a program, that presents an event and shortcoming to financial professionals,” pronounced Michael Fanning, executive clamp boss of MassMutual. “With millions of Americans impending retirement any year, many might be during risk of underutilizing a vicious member of their retirement income stream.”  

Do we consider we could pass a Social Security quiz? With accede from MassMutual, we’ve common a full quiz and answers below:

  1. True or False? Social Security retirement advantages are formed on my gain history, so I’ll accept a same monthly advantage volume no matter when we start collecting.
  2. True or False? If my associate dies, we will continue to accept both my possess advantage and my defunct spouse’s benefit.
  3. True or False? we contingency be a U.S. citizen to collect Social Security retirement benefits.
  4. True or False? Under stream Social Security law, full retirement age is 65.
  5. True or False? we can continue operative while collecting my full Social Security retirement advantages – regardless of my age.
  6. True or False? If we record for retirement advantages and have teenager contingent children, they also might validate for Social Security benefits.
  7. True or False? As a divorced person, we can collect Social Security retirement advantages formed on my ex-spouse’s gain history.
  8. True or False? Once we start collecting Social Security, my advantage payments will never change.
  9. True or False? Government workers might have their Social Security retirement advantages reduced.
  10. True or False? My associate can validate for Social Security retirement benefits, even if he or she has no particular gain history.

For answers, keep scrolling:


  1. False.
  2. False.
  3. False.
  4. False.
  5. False.
  6. True.
  7. True.
  8. False. 
  9. True.
  10. True.


For a full reason of a ansers, check out a quiz during MassMutual

Have Social Security questions? Email us during yfmoneymailbag@yahoo.com. 

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