Social Security: 8 Must-Know Facts About Your Benefits
If someone offered you a million bucks to put toward your retirement, chances are you'd want to get the best use of this windfall. But David Freitag, a financial planning consultant and Social Security expert for MassMutual, finds retirees don't think this way about Social Security. "Since it's listed as a monthly benefit, it doesn't seem like a big amount. Yet for a couple to generate that same payment in guaranteed, inflation-adjusted lifetime income, they might need a portfolio north of $1.5 million," he says.
Freitag helps organize l that tests the public's knowledge about Social Security. The quiz, now in its eighth year, has 13 true or false questions. In April, MassMutual tested 1,500 Americans between the ages of 55 and 65 who had not filed. The results consistently show the average person knows little about these government benefits, with 65% of quiz takers receiving a grade of D or lower. That's a problem because what you don't understand about Social Security could cost you. Here are eight facts worth knowing.
