Despite being a critical financial resource for retirees, most Americans do not fully grasp how Social Security works. A staggering one in five people reports understanding the program well, and many retirees express uncertainty regarding their benefits. Statistics from the Employee Benefit Research Institute reveal that while a significant percentage of retirees consider Social Security an important income source, knowledge about the benefits is limited, revealing a knowledge gap in the retirement planning process for many individuals.
Only 20% of Americans feel they understand Social Security, despite its role as a key retirement benefit for many seniors, highlighting a critical knowledge gap.
Social Security is a crucial safety net for retirees, with 91% relying on it as part of their retirement income, yet confusion around the program prevails.
Despite being a significant financial resource—62% of retirees call it a major source—comprehension of how Social Security operates remains alarmingly low among both workers and retirees.
A significant portion of Americans, including 53% in one survey, lacks awareness of how Social Security benefits will affect their long-term retirement planning.
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