When faced with a quiz on Social Security- claims rules, many people who are on the brink of retirement fail.
MassMutual recently gave a 12 question false quiz to 1,500 people age 55 to 65 who have not yet claimed their benefits.
Only 3% of respondents were able to answer all the questions correctly.
Interestingly, 35% of respondents successfully met the quiz and 18% also received a D grade.
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The results are marginally better since MassMutual first started conducting the test in 2015, according to David Freitag, a financial planning consultant and social security expert at the firm.
Most respondents- 94%- were able to correctly say that their retirement benefits will be reduced if they claim them before full retirement age.
A majority- 86%- were also able to accurately affirm that their Social Security benefits may be reduced if they continue to work before the full retirement age and collect their monthly checks.
But other questions tended to stump respondents.