NDLI: How Much Do People Know About Social Security

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How Much Do People Know About Social Security

Content Provider	Semantic Scholar
Author	Greenwald, Mathew Kapteyn, Arie Mitchell, Olivia S. Schneider, Lisa
Copyright Year	2010
Abstract	M any Americans have little understanding of how much money they will need in retirement and what they can expect in the form of pension and Social Security benefits. Yet, without such information, they might not be able to plan for the future and make adjustments while they are still working, if future needs are projected to exceed retirement income. In particular, certain households, particularly those with low incomes, women, minorities, and the less educated, face potentially serious financial hardships in retirement. In this project, the team set out to benchmark how much people know about the rules and benefit offerings under Social Security. Although such knowledge might not be sufficient for successful retirement planning, it will influence how much people save and spend as they near retirement and will shape their financial security later in life. The study will therefore serve as a benchmark for the Social Security Administration (SSA) in its initiative to improve the financial literacy of the American public. It also identifies knowledge gaps that can be addressed by the SSA and other providers of financial education and information. The team conducted two surveys: One was a nationally representative telephone survey of 2,000 respondents ages 25 to 65 in March 2010, and the other was an Internet survey of 2,500 participants ages 18 and older in the American Life Panel (ALP).1 Questions focused on four key topic areas: • how respondents are preparing for retirement • how well they understand the way Social Security works • what kind of protection they expect from the Social Security system • how they perceive the role of the SSA in educating the public.
File Format	PDF HTM / HTML
Alternate Webpage(s)	https://www.rand.org/content/dam/rand/pubs/working_briefs/2010/RAND_WB107.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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