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MATURE LIVING Most Americans lack basic knowledge about Social Security

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Posted: Wednesday, July 15, 2015 10:00 am

Americans may have faith in the Social Security system, but many still don’t really understand how it works. That’s a key take-away from a recent survey of Americans’ knowledge of Social Security retirement benefits. While 63 percent of respondents said they do believe Social Security benefits will be available to them when they retire, many were confused about who qualifies for benefits, how much they’ll be eligible to receive, and when they can start drawing benefits without penalty.

The survey, by Massachusetts Mutual Life Insurance Company, included a true/false quiz about Social Security facts. Just 28 percent of those surveyed scored a passing grade, and only one person out of the 1,500 polled was able to answer all survey questions correctly. The survey results illustrated a significant lack of knowledge about Social Security, including:

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