Many American seniors rely on Social Security for retirement income, so they want to know what to expect when filing for benefits.
Nonetheless, a huge proportion of people who are approaching retirement age are unsure of their Social Security benefits.
Social Security Payments For Retirees
The majority of older individuals accurately estimate their Social Security age, but they underestimate their annual income by an average of $1,896. This amount is 5% less than the actual benefit due.
Frequently, the disparity is substantially larger. Almost one-fourth of older individuals underestimate their annual benefit by at least $5,167, while 10% overestimate it by at least $5,318.