Many Americans find it difficult to answer a five quiz question correctly regarding Social Security retirement benefits. In a recent online survey, 47% of adults of 50 years and above miserably failed the a quiz about social security benefits.It is important to note that people’s awareness about Social Security has increased over a period of three years as compared to an existing survey of the same nature. 72% of the general population failed at the 10 question quiz while it was 62% for adults of 50 years and above.
While we can see progress has been made, there’s still a lot of room for improvement. The survey takers were mostly confused by two aspects of the quiz- spousal eligibility for the availability of retirement benefits and applying for Social Security.
The survey also required the participants to answer a true or false question. They had to say whether their benefits will not be decreased under the existing Social Security laws if the claiming age is 65. But the correct answer was false which was given out only by 49% of the participants.
Based on the year of birth, a majority of individuals attaining retirement currently can claim their entire benefit by age 66 to 67. This makes up the full retirement age which most people confuse with the age they are supposed to apply for Medicare at 65. You need to understand the full retirement age to exploit the full range of your benefits.
Another question to baffle the participation also had to be answered with true or false. Only 54% of the survey takers responded correctly with the option of true. The statement they had to answer was that their spouse was eligible for Security retirement benefits even if they are not actively engaged in earning. It is important to understand the nuances of Social Security to take full advantage of retirement benefits. Another fact that came out was that 86% of adults between 50 and 59 years of age didn’t create an account with the Social Security Administration. A Social Security account is necessary to secure your benefits and lets you check up on your earnings record which makes the base of the benefits. They also need to know the amount of their contributions to the Social Security.