Guess what, class. The results are in… and most of us did not pass a very important test. Nearly half of Americans age 50+ failed a basic Social Security quiz, according to a newly released nationwide consumer poll by MassMutual Life Insurance Company.
Why should this news alarm us all? Because Social Security is a major income source for many Americans in retirement. And if we don’t know how to maximize our benefits, or even know what questions to ask regarding how to get our best payout, it can hurt us. We may be leaving money on the table when we need that income the most -- whether enjoying healthy income for your lifestyle or enjoying greater income certainty for monthly retirement expenses.
In some sense, it’s as if each point not scored is potentially a dollar amount of benefits we may lose, unless we start paying closer attention. It's time to consider how much in Social Security benefits we have accrued and start exploring strategies to maximize them.
"Getting Social Security right is critically important to inform plans for other income stream needs later in life as it may be difficult, and sometimes not even possible, to hit the reset button," said Mike Fanning, head of MassMutual, U.S. "This is not a retirement planning conversation. This is a longevity planning conversation, and near-retirees have the power and responsibility to ensure that they protect and receive every dollar they deserve in Social Security retirement benefits when the time comes."
