Just 28 percent of Americans received a passing grade (60 percent or higher) when asked basic Social Security questions, a new study from MassMutual finds. Moreover, from a pool of 1,500 respondents ages 18 to 65, just one person answered all 10 true/false questions correctly.
The quiz touched on a range of topics, including the national retirement age, spousal benefits and eligibility for benefits. The high failure rate suggests what a number of advisors already know: Too many Americans are lacking the knowledge and tools that will allow their retirement reality to match their retirement dreams.
Principal of BAM Advisory Group