What do you know about Social Security?
How do you want to retire? Learn how at Bob's Retire on Your Own Terms Webinar
MassMutual administered a quiz to retirees between ages 55 to 65 regarding social security literacy. Here were the results.
35% flunked the quiz
18% earned a grade of a D
Only 3% made a 100
Social Security is a bigger part of retirement than most want to admit. Yet, our financial literacy of social security is limited. The good news is that you just need to know the basics. Beyond the basics is where social security becomes ambiguous. Thus, you are going to have to confirm with social security the number of benefits that you will receive anyway. I always give the advice to contact Social Security and confirm your numbers because of the ambiguity.
The key is understanding what aspects of your life increase or decrease social security beyond the basics. So, you just need to be able to communicate those unique attributes of your life to the social security office. Let them sort through the law.
In my Retire on your own Terms Webinar, I am going to go over the basics as well as the various aspects of life beyond the basics that can positively or negatively your social security pay-out. Then we will discuss the role of social security in your retirement and address the question on most pre-retirees minds – will it last?
Click to register: Retire on Your Own Terms Webinar.