Most Americans over 50 don't?understand how this important safety net works.
According to a MassMutual survey aimed to better understand how much Americans know about Social Security retirement benefits, only 28 percent of those surveyed received a passing grade when asked basic questions about Social Security retirement benefits.
More than three out of five surveyed (63 percent) believe Social Security will be available to them when they retire, with a quarter of those surveyed strongly holding that belief. However, less than half (45 percent) think the program will have sufficient funding when they retire.? This may be why only 39 percent expect to rely more on Social Security than their personal savings or income in retirement, with just 15 percent expecting to rely solely on Social Security. ?Perhaps the greatest Social Security deficit in this country is the lack of education around the retirement benefits of the program, which presents an opportunity and responsibility to financial professionals,? said Michael R. Fanning Executive Vice President, U.S. Insurance Group, MassMutual. ?With millions of Americans nearing retirement each year, many may be at risk of?under-utilizing?a critical component of their retirement income stream.? To read the full study, click here.?