Is Social Security the Last Resort to Retirement Planning?

A recent study of 2,000 surveyed adults conducted by Nationwide and the Harris Group determined that a failure to communicate has resulted in qualified Americans missing out on their right to Social Security benefits. The data also concluded that the fault lies more with the intended audience than the agency itself. Ultimately, the study revealed total ignorance of the system’s fundamental purposes, calling for a complete communications department overhaul. 

If you are one of the two-thirds of Americans currently unaware of the measures Social Security has in place to protect against inflation, you aren’t alone. Fewer than 10% of the surveyed US citizens could list the factors surrounding the maximum Social Security benefits an individual would qualify to receive. Additional misinformation included confusion over the amount of income Social Security can replace, thereby determining the amount of monthly Social Security payments, full retirement age, and more.

A vast amount of skepticism toward the system’s viability continues to draw concern. However, by logging into the Social Security online system, retirees could have instant access to applicable information, additional resources, and more. Plus, the website provides the most appropriate phone numbers and addresses for locations across the nation, better enabling retirees to contact their local Social Security office directly over the phone. Regardless of age, US citizens have a variety of options when it comes to speaking with a representative, whether it’s over the phone, online, or in person.

The survey also found that one-quarter of Baby Boomers plan to continue working while filing for Social Security benefits early, although they do not currently receive benefits. Nearly 40% of said Boomers plan to draw their benefits long before reaching retirement age. Although those are acceptable methods, there may be severe consequences attached to either route. By taking the time to contact a local Social Security office or speak with a financial expert, retirees would be assured of making an informed decision before retiring.

Furthermore, due to the state of the economy and inflation, Americans of every generation are hard-pressed to make changes to life events in addition to daily lifestyles. These lifestyle changes may include doing things less frequently, such as driving, eating out, vacations, major purchases, and even putting off retirement. Unfortunately, the act of either retiring early or even putting off until later both carry implications that can hurt your bottom line. However, market volatility and high inflation continue to cause over 65% of Americans to feel more concern over retirement income than ever before.

By learning more about how Social Security works, its benefits, and what you qualify for, you will be able to make informed decisions moving forward. Although our current economic environment is complicated to navigate, regardless of the stage of their career, retirement education is something that will benefit individuals of all ages. Those concerned with retirement, however, should remember to reach out to their local Social Security office when in doubt.