True or False: A Test on Social Security Basics

True or False: Test Yourself on Social Security Basics

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Social Security is arguably the most important retirement program in the United States. For a secure retirement, it is critical that those near and in retirement understand how their Social Security benefits work. Unfortunately, research shows that many people don't. For instance, a report from The American College of Financial Services showed that only roughly 25% of those ages 60 to 75 could pass a retirement income literacy quiz, including questions about Social Security.

The lack of literacy in retirement income planning in the United Sates indicates that many people are unable to make informed decisions about their own retirement and Social Security benefits. Test out your own Social Security literacy with this 10-question true/false quiz.

Written by Jamie Hopkins, a professor at The American College and Director of the New York Life Center for Retirement Income. Hopkins is a well-recognized writer, speaker and thought leader in the area of retirement income planning. His most recent book, "Rewirement: Rewiring The Way You Think About Retirement," details the behavioral finance issues that hold people back from a more financially secure retirement.

See also: 9 Things Retirees Should Never Keep in Their Wallets (#1: Social Security Cards!)

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