ISR|SRC|Michigan Retirement Research Center|UofM
Mailing List | News | Contact Us
Follow onTwitter
Main photo Promoting research on retirement and Social Security policy

Key Findings Details

Social Security Literacy and Retirement Well-Being
Hugo A. Benítez-Silva, Berna Demiralp and Zhen Liu
WP 2009-210

  • Lack of basic knowledge about rules for obtaining Social Security benefits is widespread.
  • Younger people are less informed than older people, however, only 70% of individuals aged 55 to 64 are aware of the minimum retirement age.
  • Individuals who are reinterviewed show a large increase in knowledge about Social Security.
  • The benefits of being fully informed about Social Security vary by age.
  • Awareness could be increased by targeting messages pertinent to individuals based on their age or income level.