Just over one-third (35%) of near-retirees (age 55 to 65) failed and another 18% earned a grade of D on a basic knowledge quiz about Social Security retirement benefits, while only 3%, received an A+ by answering all 12 true/false statements correctly, according to the latest MassMutual Social Security consumer poll.
Even more startling, over a quarter (26%) of individuals age 60 to 65 have no idea of the full retirement age.
There is good news, however, and an improving trend.
A large majority (83%) are very knowledgeable about the consequences of receiving Social Security benefits before reaching their full retirement age. A whopping 94% know that if they take benefits before full retirement age, their benefits will be reduced as a result of filing early while 86% know that if they receive benefits before their full retirement age and continue to work, their benefits may be reduced based on how much they make.
Publication Date: 6 April 2021
Publication Site: Argus Press