Most Americans don’t have as much knowledge of the basic functions of Social Security as they thought, according to a study from Nationwide Retirement Institute.
Around 54% of the adults surveyed by Nationwide—who are not receiving Social Security benefits—claim they know exactly how to optimize their Social Security benefit, but only 6% actually know all the factors that determine the maximum benefit someone can receive, the study reveals… Around 68% of the respondents said it is now more important than ever to optimize their Social Security—a sense especially prevalent among Gen Xers (80%) and millennials (71%).
Around 53% of the respondents who work with a financial professional said that the professional doesn’t provide them with advice about how and when to file for Social Security benefits. Around 66% of the respondents said they will likely switch to a financial professional who could do that.
Read the study (PDF).