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If You Don't Understand Social Security, You're Not Alone
By Gregory C. Boles -- May 31st, 2018

It's been eighty-three years since President Franklin D. Roosevelt signed the Social Security Act, and to this day it remains one of the nation's most popular and effective social programs.

As of June 2017, about 61 million people - or more than 1 in every 6 US residents - collected Social Security benefits from the federal government. With Social Security accounting for at least 62% of retirees total income, and over 22 million people being kept out of poverty, it should be assumed that workers and their families fully understand these benefits. This couldn't be further from the truth.

On Tuesday, May 15th, MassMutual released their second true/false survey on Social Security. The survey was given to over 1,000 adults aged 50 and over, and nearly half (47%) of all older Americans failed. The most startling of the results was that only one person managed to answer all 10 true/false questions correctly.

Be smart with Social Security. The MassMutual survey results confirm that we need to prioritize and reform Social Security education. What Americans don't know could cost them a substantial amount of money in the long run. It's worth seeking out local workshops to learn more, because chances are you will use these benefits in your lifetime.

Looking for an alternative solution? Speak with a financial advisor. A licensed professional will understand the ins and outs of Social Security benefits and help you maximize your financial portfolio. We suggest speaking with fiduciaries, since they are required by law to work in your best interest.

What you don't know will cost you. According to a 2018 study by the Economic Policy Institute (EPI), nearly half of American families have no retirement savings at all. Don't be a statistic - being aware of the little-known "Social Security secrets" could make a world of a difference in boosting your retirement income.

Simply click here to learn how you can maximize your Social Security benefits.