What Older Workers Don't Know About Social Security (Chicago Tribune)

AARP and Knowledge Networks recently conducted an online survey of 2,053 people ages 52 to 70 who plan to claim Social Security within the next 15 years. Only 7% of respondents knew Social Security benefits are calculated based on your 35 highest-paid years of unemployment. Over half of respondents (51%) thought it was five or 10 years. A majority of respondents (89%) knew their payments would be bigger if they waited until their full retirement age of 66 instead of 62 to sign up for benefits. Only 29% knew that waiting those four extra years could increase payments between 30.5% and 41.2%. Less than half of respondents (48%) who are married, or have ever been married, knew that they’re eligible for Social Security spousal benefits.