69% of Near Retirees Failed or Barely Passed MassMutual’s Social Security Quiz

Social Security MassMutual

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Do your clients know what percentage of their retirement income will come from Social Security?

If the answer is no, they’re not alone. A recent Social Security retirement benefits quiz from MassMutual found that 69% of near retirees failed or barely passed when asked about their retirement income sources. More than one third (35%) failed and another 34% hardly passed with a D score.

Even as employees believe they can’t count on Social Security for retirement, MassMutual connects the findings to the overarching theme of retirement planning, and how many Americans are unprepared for the long-term.

“One of the most concerning findings was that 43% of near retirees do not know what percentage of their income in retirement will be coming from Social Security benefits,” said Paul LaPiana, CFP, head of product with MassMutual, in a press statement. “Knowing your total retirement income and where it will come from is part of the foundation of retirement planning.”

MassMutual’s findings showed that most respondents knew little about the nuances behind Social Security benefits. Twenty-eight percent of near retirees were not aware that if they have a spouse, the other spouse can receive benefits even if they have no individual earning history. Another 35% did not know that if they had a spouse and the spouse passes away, the surviving spouse will not receive both their full benefit and their deceased spouse’s full benefit. An additional 44% were unaware that if they were to divorce, there is a possibly to collect Social Security benefits based on their ex-spouse’s earnings history.

Additional key findings

MassMutual’s research also found:

The online poll was conducted by PSB Insights from March 31 to April 5 among 1,500 Americans nearing retirement (age 55-65) who have not filed for Social Security retirement benefits.

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