Faculty Publications

Title

Most Americans Can't Pass This Basic Social Security Quiz

Document Type

Article

Publication Date

6-17-2015

Abstract

Most Americans do not properly understand their Social Security options and it’s not a surprise to the financial services industry. A new survey of roughly 1,500 Americans was conducted by KRC Research on behalf MassMutual and found that 72% of respondents could not pass a true or false ten question quiz on Social Security. In fact, the lack of knowledge about Social Security is consistent with a comprehensive retirement income literacy test, the RICP® Retirement Income Survey, which was conducted by The American College and found that only 20% of Americans could pass the test but that a slightly higher amount understood Social Security.