Take a look‼️ Are you among those who have mistaken views about Social Security? One extreme says Social Security won’t be there in the future and the other overestimates the retirement benefit.
Social Security is a complex source of retirement income, often causing a disconnect between what consumers think their benefit will be compared to reality,” said Tina Ambrozy, president of sales and distribution at Nationwide. “Preparing for retirement holistically by working with advisers and taking advantage of online tools can help older adults maximize benefits and achieve personal goals.”
The online survey of more than 1,300 older adults who are retired or who plan to retire in the next 10 years, found that nearly half — 44% — say Social Security will be their main source of retirement income, followed by just 23% of older adults who say they will rely on a pension.”.
On average, future retirees incorrectly believe they will be eligible for full benefits at age 63, rather than their full retirement age of 66 or later, and 26% incorrectly believe that if they claim Social Security early, their benefit will automatically go up once they reach full retirement age.
Future retirees expect to receive $1,805 a month in Social Security benefits, but retirees currently collecting Social Security receive $1,408 per month on average — a 28% difference.