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Social Security: What You Don't Know About Your Biggest Retirement Benefit

Discussion in 'TUG Lounge' started by MULTIZ321, May 15, 2018.

  1. MULTIZ321

    MULTIZ321 TUG Member

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    Social Security: What You Don't Know About Your Biggest Retirement Benefit
    By Robert Powell/ Personal Finance/ Savings/ The Street/ thestreet.com

    "Nearly half of Americans age 50 and over failed a 5-question true/false quiz on Social Security. Here's what you need to know to get an "A".

    You would not be alone if you didn't know how Social Security works. Nearly half (47%) of Americans age 50 and over failed a basic true/false 5-question quiz on Social Security retirement benefits, according to the MassMutual Social Security retirement benefits survey.

    To be fair, that's an improvement over a survey MassMutual conducted in 2015. Back then, six in 10 Americans age 50-plus failed a broader 10-question true/false quiz.

    So, it's encouraging. But it's still a bit alarming. "The good news is that we've made a little bit of progress, but effectively about half of the people have not done well on five basic questions," David Freitag, a Social Security expert with MassMutual, said in an interview.

    The reason that these findings are so alarming, according to Freitag, is that Social Security represents such a large part of a household's retirement income plan. In fact, if you calculate the present value of a household's monthly Social Security benefits, it could total more than $1 million. "They really need to know how it works," said Freitag. "Knowledge is power when it comes to Social Security and retirement."

    Richard
     
  2. artringwald

    artringwald TUG Member

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    Many community colleges and financial planners offer very low cost or free Social Security seminars. You can get the majority of your questions answered in a 2 hour session. Unlike timeshare presentations, there's very little arm twisting.
     
    Egret1986 likes this.
  3. VacationForever

    VacationForever Tug Review Crew: Rookie TUG Member

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    I got 10 out of 10. ;)
     
  4. PigsDad

    PigsDad TUG Member

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    10/10

    Kurt
     
  5. Pens_Fan

    Pens_Fan TUG Review Crew: Veteran TUG Member

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  6. IngridN

    IngridN TUG Member

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    10/10 for me too.
     
  7. PigsDad

    PigsDad TUG Member

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    I guess we're just all super-smart! :D

    Kurt
     
  8. Sugarcubesea

    Sugarcubesea TUG Member

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    10/10 for me....
     

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