Top 10 Things Near-Retirees Get Wrong About Social Security.
By Michael S. Fischer/Think Advisor/ May 02, 2023
Sixty-nine percent of Americans approaching retirement failed or eked out a passing grade in the most recent Social Security retirement benefits quiz from?Massachusetts Mutual Life Insurance Co. , the results of which were released Tuesday. The results indicate that near-retirees’ knowledge about Social Security benefits is lower than it was in 2022.
10. Generally, if I am in a same-sex marriage, there are different eligibility requirements when it comes to Social Security retirement benefits. (False) 2023:?69% answered correctly 2022:?65% answered correctly.
9. If I have a spouse and he or she passes away, I will receive both my full benefit and my deceased spouse's full benefit. (False) 2023:?65% answered correctly 2022:?68% answered correctly.
8. The money that comes out of my paycheck for Social Security goes into a specific account for me and remains there, earning interest, until I begin to receive Social Security benefits. (False) 2023:?60% answered correctly 2022:?62% answered correctly.
7. If I file for retirement benefits and have dependent children aged 18 or younger, they also may qualify for Social Security benefits. (True) 2023:?56% answered correctly 2022:?58% answered correctly.
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6. If I get divorced, I might be able to collect Social Security benefits based on my ex-spouse's Social Security earnings history. (True) 2023:?56% answered correctly 2022:?57% answered correctly.
5. Under current law, Social Security benefits could be reduced by 20% or more for everyone by 2035. (True) 2023:?55% answered correctly 2022:?60% answered correctly.
4. Under current Social Security law, full retirement age is 65 no matter when you were born. (False) 2023:?53% answered correctly 2022:?56% answered correctly.
3. If I delay taking Social Security benefits past the age of 70, I will continue to get delayed retirement credit increases each year I wait. (False) 2023:?49% answered correctly 2022:?49% answered correctly.
2. Social Security retirement benefits are subject to income tax just like withdrawals from a traditional IRA account. (False) 2023:?38% answered correctly 2022:?42% answered correctly.
1. I must be a U.S. citizen to collect Social Security retirement benefits. (False) 2023:?29% answered correctly 2022:?24% answered correctly.