Large numbers of American adults do not understand that if they claim benefits early, their benefits will not go up automatically when they reach full retirement age. Just 45% of millennials, 49% of Generation Xers, and 69% of baby boomers and older generations understand this.
The vast majority of people in each age group incorrectly identified the age at which they are eligible for full benefits. That includes 97% of millennials, 90% of Generation Xers and 80% of baby boomers and older generations.
Fewer than 1 in 10 adults — 4% of millennials, 6% of Generation Xers and 7% of baby boomers and older — know all the factors that determine the maximum benefit.
The Harris Poll conducted the survey online in February and March. More than 1,700 U.S. adults ages 24 and older participated in the survey. At the time of the survey, all participants were collecting or planning to collect Social Security benefits.
The confusion should not surprise loyal Money Talks News readers. As we have pointed out in the past, representatives who work for the Social Security Administration sometimes give out bad advice.
If you are confused about the Social Security program — and how the rules work — it is crucial that you learn more about the program. Making the wrong decisions can cost you many thousands of dollars in retirement income.
Social Security Choices is one place you can look for help. The company is among a handful that will give you a personalized analysis of your Social Security situation.
Social Security Choices sells its product for $39.99. But Money Talks News readers can do even better. When buying a report, simply use the coupon code “moneytalks” to get a $10 discount off the usual price.
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