Broker Check

And the Survey Says...Social Security is Misunderstood.

| June 26, 2015
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MassMutual recently released the results of a 10 question survey regarding Social Security. The results were not pretty. In fact, out of 1,513 people who took the survey only 1 person got all 10 true or false questions correct. Although, to be fair, a couple questions would only apply to a small number of people. Overall, 72% of people failed the quiz (answering 3 or more questions incorrectly). Even amoung those 50 or older, 62% still failed the quiz.

Try your hand at the quiz here (this is a PDF file). Although, if you are going to take the quiz I would pause before reading any further.

Interestingly, 71% of respondents still think social security full retirement age is 65. In reality, this varies based on your date of birth (but is no longer 65 for anyone currently reaching that milestone). While you can start recieving benefits at age 62, the amount you recieve would be significantly reduced.

Here is a nice short clip on some of the ins and outs of social security from PBS.

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