Do you think you know everything regarding Social Security? If that’s the case, you’re in the minority when it comes to understanding the country’s largest retirement benefits plan.
However, if you lack the detailed knowledge and understanding of Social Security, then this blog is for you. Here we have listed down some of the most important things that you don’t know about Social Security. These are very crucial things that you must be aware of.
Nationwide Retirement Institute Conducted A Survey
According to a new survey by the Nationwide Retirement Institute, most Americans are clueless about the most basic functioning of Social Security. The Nationwide Retirement Institute, which is part of the Nationwide insurance and financial services corporation, engaged The Harris Poll to conduct the survey.
In a press release, Tina Ambrozy, senior vice president of Strategic Customer Solutions at Nationwide, said, “It’s indisputable that Americans across all generations need more Social Security education.” “Unfortunately, failing to close the knowledge gap and correct some of these misconceptions can have costly repercussions. Financial professionals must help their clients understand this bedrock of retirement security in America and plan properly to maximize their Social Security benefit.”
Several Americans are not gaining knowledge about Social Security because they don’t believe it will be around once they’re eligible or need to claim benefits, according to the survey. Seven out of ten persons aged 25 and up are concerned that the scheme may run out of money before they die. This is notably true of millennials (77%), as well as Gen Xers (83%). However, 61 percent of baby boomers are concerned about the same issue.
Furthermore, almost half of millennials (47%) think they “will not receive a penny of the Social Security benefits they have earned.”
5 Things To Know About Social Security
Here are five things regarding Social Security that the majority of Americans are unaware of:
- Age of eligibility: Two-fifths of respondents (39%) are unaware of the age at which they are eligible for full benefits.
- Payments: Just over half of those who aren’t presently receiving Social Security (51%) don’t know how much they will receive in Social Security benefits.
- Protection against inflation: More than a third of people (37%) believe that Social Security benefits are not inflation-protected.
- Benefits for children and spouses: 30% are unaware that Social Security may provide benefits to their spouses and children.
- No adjustments: 45 percent of individuals believe, mistakenly, that if they receive benefits early, their benefits will surely enhance when they reach full retirement age, or they are unaware that this is not the case.