MassMutual recently conducted a survey, just in time for the 80th anniversary of the Social Security Act, to see just how much Americans know about Social Security retirement benefits – or how little, as a mere 28 percent of the 1,513 Americans surveyed actually passed. This low passing rate is not surprising, given that only eight percent of those surveyed labeled themselves as very knowledgeable about Social Security retirement benefits. In a June 15 press release, the firm highlights the most misconstrued facts, including that 75% of those surveyed incorrectly believe that American citizenship is necessary to receive Social Security retirement benefits. Clearly, Americans need help understanding their Social Security retirement benefits.
A lack of knowledge in the benefits realm can have a destructive effect down the road, causing individuals to miss out on benefits or, on the contrary, place too much dependence on Social Security benefits. The study’s Social Security facts quiz – Are You Ready for the Social Side of Your Retirement? – and corresponding answers are publicly available on the site, allowing users to test their own knowledge and discover the areas in which they need further education. MassMutual recognizes the widespread unfamiliarity with Social Security retirement benefits, and links to a detailed educational guide: Welcome to the Social Side of Retirement.
This study, which brings some necessary attention to Social Security, coincides perfectly with the 80th anniversary of the Social Security Act, which was signed into law on August 14, 1935. The Social Security administration is bringing attention to the subject through an educational sitelet in honor of the celebration. The responsive site prominently displays a countdown to the anniversary, and makes its purpose clear: Celebrating the Past and Building the Future. The well-organized site features a number of educational sections including daily Social Security trivia, a Social Security Through the Years timeline and educational videos from the agency’s YouTube channel.