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How Much Do You Know about Social Security?

Published on June 25, 2015

Would you pass the Social Security quiz?

Mary Beth Franklin, contributing editor for Investment News, recently wrote an article that highlighted the fact that many Americans would flunk a Social Security quiz. The premise of her piece is that lack of full understanding about Social Security benefits could have a serious (negative) impact on your future retirement income.

We’ve said many times that Americans can no longer rely on having the trust fund available forever and that saving for retirement is an important priority. Ms. Franklin cites a true/false quiz that Massachusetts Mutual Life Insurance Company sent out via online survey. It was conducted by KRC research on behalf of Mass Mutual from February 26 to March 2. More than 1500 adults participated in the survey. Here are some of the results, which shine a spotlight on big gaps in knowledge about Social Security eligibility:

What will you receive?

Of course, we cannot stress enough how vital it is to be financially literate and to understand what you will be eligible to receive from Social Security—and when. There are all sorts of payout models according to age, marital status and working status and we strongly recommend you consult your financial adviser as to the best course of action. You can read all about Social Security benefits at www.ssa.gov.

When it comes to your self-directed retirement portfolio, we can’t stress enough how important it is to do your research and thoroughly understand your target investments for your self-directed retirement plan. As third-party administrators of these plans, we’ll handle all the paperwork and filing, and expedite the transactions; plus, our helpful professionals are available to answer any questions you have regarding the types of non-publicly traded assets allowed through self-direction. However, we never give investment advice, nor endorse any types of investments or strategies (except, of course, to contribute often to your self-directed IRA and to invest in what you know and understand).

Have a question about your self-directed IRA? Need help getting started? Check out our Starter Kits or contact Next Generation Trust Services at Info@nextgenerationtrust.com or (888) 857-8058.