SPRINGFIELD, Mass., June 15, 2015 Massachusetts Mutual Life Insurance Company (MassMutual) today announced the results of a survey aimed to understand how much U.S. Hispanics know about Social Security retirement benefits. The results of the survey, which included a true/false quiz about Social Security facts, are concerning: Forty-seven percent of Hispanic respondents answered more than half of the basic questions about Social Security retirement benefits incorrectly. Also troubling is that only 11 percent consider themselves to be “very knowledgeable” about Social Security retirement benefits.
“Perhaps the greatest Social Security deficit in this country is the lack of education around the retirement benefits of the program, which presents an opportunity and responsibility to financial professionals,” said Michael R. Fanning Executive Vice President, U.S. Insurance Group, MassMutual. “As the Hispanic population in the U.S. continues to grow, so does the need for a solid understanding of the role that Social Security will play in their personal retirement plans.”
While many Hispanic respondents understand basic facts about Social Security retirement benefits, the findings show larger gaps in knowledge of eligibility requirements:
