Most Americans in Dire Need of Social Security Education

Jul 19, 2021

Most Americans don’t have as much knowledge of the basic functions of Social Security as they thought, according to a study from Nationwide Retirement Institute.

Around 54% of the adults surveyed by Nationwide—who are not receiving Social Security benefits—claim they know exactly how to optimize their Social Security benefit, but only 6% actually know all the factors that determine the maximum benefit someone can receive, the study reveals… Around 68% of the respondents said it is now more important than ever to optimize their Social Security—a sense especially prevalent among Gen Xers (80%) and millennials (71%).

Around 53% of the respondents who work with a financial professional said that the professional doesn’t provide them with advice about how and when to file for Social Security benefits. Around 66% of the respondents said they will likely switch to a financial professional who could do that.

Read the study (PDF).

 

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