Sixty-five million Americans will receive Social Security benefits this year. That’s nearly nine out of every ten people aged 65 or older. According to the Social Security Administration, retirees count on Social Security benefits for about one-third of their income. With so many people relying on retirement benefits you may be surprised that some people aren’t fully up to speed on the Social Security program.
MassMutual put together a 12-question true or false quiz to help people better understand how Social Security works. The results were quite shocking: 33% of the people questioned failed the quiz; 19% barely passed scoring a D grade; and only 3% were able to answer all of the questions correctly. Click here to test your knowledge.
Lorie Konish at CNBC writes that not knowing the answers to these common questions could potentially be costly. For example, only half of the respondents knew that monthly benefit checks do not increase if a person waits past age 70 to claim benefits. In fact, delaying could end up costing a person because they “can only go back six months to make up for lost monthly checks,” according to David Freitag from MassMutual.
The Seniors Trust wants to make sure American retirees receive all the benefits to which they are earned. We’re working to pass the Social Security Expansion Act. This landmark bill will increase monthly benefits by about $65, establish a fair cost-of-living adjustment, and secure the long-term solvency of the Social Security program.