According to a new survey from SimplyWise, there are five common blind spots in people’s understanding of Social Security benefits and requirements–and that, of course, highlights the critical need for consumers to rely on a financial advisor. According to SimplyWise, only 42 percent of survey respondents knew at what age they should begin claiming Social Security in order to receive full benefits, and just nine (9) percent of people knew that the earliest age that non-disabled people can claim survivor benefits is 60.
Merely 20 percent of respondents knew that a current spouse has to be receiving Social Security benefits in order for the other spouse to qualify for spousal benefits. Thirty-eight (38) percent of people knew that divorced spouses can receive survivor benefits, and 67 percent understood that divorced spouses can receive spousal benefits.
The survey queried 300 people ages 60 to 70. Further details are available HERE.