According to a recent poll conducted by KRC Research for Mass Mutual Financial Group, most Americans are confused on the essentials of Social Security benefits and options available to them.
The poll, aptly titled A Social Security Quiz for Individuals, asks 10 basic true or false questions ranging when a person is eligible for full Social Security benefits to if a divorced person is entitled to their ex-spouses’ Social Security benefits. The results showed that of the 1500 participants polled, more than 1000 (72% of those polled) were not able to answer more than 5 questions correctly. Of those who failed to answer more than 5 questions correctly, 930 (62% of those polled) are over the age of 50.
This age-group should be focusing on retirement planning. However, many are ill-informed about their main retirement asset, Social Security. This lack of knowledge creates an environment for making uniformed decisions that could detrimentally impact one’s retirement.(Jamie Hopkins, Forbes.com)
The greatest worry is that, although there is ample information available online to understand Social Security benefits, most Americans will miss out on the benefits that they are entitled to. Many Americans who are confused on when and how to apply for and maximize their monthly benefit amount would benefit from speaking with a professional financial adviser or attorney that specialize in Social Security in helping their clients.
The National Advocates has a nationwide network of the Social Security attorneys that have exemplified superior qualifications of leadership, reputation, influence and performance in their area of specialty that can help with any issues that may arise concerning Social Security benefits.