Thursday, May 24, 2018
MassMututal recently put forth a survey of 1,007 Americans nearing the age of retirement asking them to answer questions pertaining to Social Security. 47% of those that participated failed the exam. This may be alarming but the statistic has increased from 3 years ago when 62% Americans aged 50 years or older failed the same exam.
Fortunately, this lack of knowledge can be cured through speaking with a financial advisor. “The most concerning issue I see is that clients believe they get both their own and their spouse’s Social Security benefits when a spouse dies,” said T. Eric Reich, president of Reich Asset Management. “It’s actually the higher of yours or your spouse’s,” Reich said.
See Tracey Longo, Nearly Half Of Americans Still Don’t Understand Social Security, Financial Advisor, May 18, 2018.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.