Do you know these 10 Social Security facts?

Pamela Kweller RSSA Staff

In a recent MassMutual report, it was discovered that 33% of Americans (age 55-65) don’t know basic Social Security information.

MassMutual quizzed 1,500 Americans near retirement age with 12 straightforward, true/false Social Security questions. 33% of individuals failed the quiz and only 3% of individuals got all 12 questions correct.

Social Security is an important topic and one you should know a lot about in order to make the best Social Security decisions. Americans who are nearing retirement age should begin to learn the basics of Social Security.

Do you know these 10 Social Security facts?

1. FRA stands for Full Retirement Age
2. Your benefits will be reduced if you claim benefits before your FRA
3. Your benefits will be increased if you claim benefits after your FRA up until age 70
4. Full Retirement Age is not 65 for everyone
5. Your FRA is based on the year you were born
6. You may be able to collect benefits from a spouse
7. You may be able to collect benefits from an ex-spouse
8. Your Social Security benefit is based on your highest 35 years of earnings
9. You do not need to be an American citizen to earn Social Security benefits
10. Being an American citizen does not automatically grant you Social Security benefits

When it comes to your retirement, there will be important decisions that need to be made such as when to claim your benefits. A Registered Social Security Analyst (RSSA) is a trained Social Security expert. You can rest assured knowing that a RSSA will support you in making optimal Social Security claiming decisions while maximizing your income.