6 Social Security Facts That Most People Don’t Understand
A survey finds that people misunderstand key provisions of the program that could impact their retirement income.
The Retirement Program Everyone Uses, But Few Fully Understand
Social Security is a cornerstone of American retirement, touching the lives of nearly every retiree in the country. For millions, it is a vital source of income that provides a financial foundation in their later years. Yet, despite its importance, there is a startling amount of confusion about how the program actually works.
A recent annual survey from the Nationwide Retirement Institute put this knowledge gap to the test. They asked about 1,800 adults a series of true-or-false questions about Social Security. The results were revealing. On average, participants only answered eight out of fifteen questions correctly.
More telling, however, were the six specific questions that fewer than half of the respondents got right. These misunderstood areas cover critical topics like taxes, benefit calculations, and safety nets—topics that can directly impact your financial well-being in retirement.
Let us clear up the confusion. Here are the six Social Security facts that most people get wrong, and why understanding them is so important for your future.
0 Comments