MassMutual Takes Another Pulse and One-third of Near-retirees Failed a Basic Social Security Quiz
Another 19% barely passed with a D grade
- 1,500 Americans age 55-65 who have not filed for
Social Security retirement benefits were presented with 12 basic true/false statements - The good news: 3% got an A+ -- a perfect score
- The bad news: Too many near-retirees should know more – 33% failed and 19% barely passed with a D
For this year’s consumer poll, the age bracket was raised from 50+ to 55-65 to truly hone in on those nearest retirement but not yet collecting
“Hats off to those who got perfect and passing scores, as that’s a promising signal that when it comes time to file for
The first time that MassMutual conducted a very similar consumer poll in 2015 only one person got all answers correct and 62% of those age 50+ FAILED. In 2018, nearly half (47%) FAILED.
Key findings from 2020 consumer poll:
- One third (33%) of Americans near retirement (age 55-65) FAILED a basic knowledge quiz about
Social Security retirement benefits, while another 19% barely passed with a D – that’s over half (52%) with an opportunity to firm up their knowledge base. On the other side of the spectrum, only 3% got an A+ by answering all 12 true/false statements correctly. - Almost all Americans (94%) are able to correctly answer that if they take benefits before full retirement, they will be reduced for early filing – but only 69% responded correctly to a statement about full retirement age under current law.
- The least accurately identified statement (which only 28% got right) is the false statement that one must be a
U.S. citizen to collect social security retirement benefits. - The most significant differences between 60-65 and 55-59 year olds is that more 60-65 year olds answered correctly on statements related to full retirement age, spousal benefits and ex-spouse benefits.
“Today,
One such opportunity is voluntary suspension. With Voluntary suspension, if there is a dire need for immediate retirement income, one can take
“This is an old
For helpful resources, visit the
Methodology
An online poll (of 12 true/false statements) commissioned by MassMutual and conducted by
About MassMutual
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits. For more information, visit www.massmutual.com.
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