You may want to brush up on your knowledge of the ins and outs of Social Security before you claim benefits.
MassMutual posed 12 questions to 1,500 Americans approaching retirement via an online poll. More than half — 52% — either failed or barely passed.
Of those respondents, 33% failed and 19% got a D.
The survey respondents ranged in age from 55 to 65 and have not yet filed for Social Security benefits. Individuals ages 60 to 65 generally fared better on the test than those ages 55 to 59.
The one question that most individuals were able to answer correctly was whether their benefits would be reduced if they started collecting early, before their full retirement age.
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The question most got wrong was whether or not you have to be a U.S. citizen to be eligible for benefits.
"We're getting the message out that there are choices, and people have to really understand what the future would hold for them relative to Social Security planning," said David Freitag, a financial planning consultant at MassMutual. "The bad news is that we still have a lot more to do."
The following are the true/false questions. Take the quiz and see how well you do.
True or False?