Nationwide Survey: Only 21% of Americans Know Their Full Retirement Age, The Knowledge Gaps Costing People Real Money
Key takeaways
- This dangerous confidence-knowledge gap compounds over decades as 61% of current beneficiaries cannot survive missing even half a monthly payment.
- SmartAsset s free tool can match you with a financial advisor in minutes to help you answer that today.
- Most Americans will make one of the most consequential financial decisions of their lives without understanding the rules governing it.
Nationwide Survey: Only 21% of Americans Know Their Full Retirement Age, The Knowledge Gaps Costing People Real Money David Beren Sat, May 9, 2026 at 10:38 PM GMT+7 6 min read Quick Read Only 21% of Americans correctly identify their full retirement age for Social Security, and 74% feel confident managing benefits without professional help despite averaging just 8 correct answers on a 15-question test on basic rules. This dangerous confidence-knowledge gap compounds over decades as 61% of current beneficiaries cannot survive missing even half a monthly payment.
Most Americans lack understanding of critical claiming mechanics like the 12-month window to undo decisions and tax rules on benefits, leaving hundreds of dollars on the table annually, while 54-65% of respondents wish they had better prepared for retirement taxes and worry about tax rate impacts on their income.
Are you ahead, or behind on retirement? SmartAsset s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don t waste another minute; learn more here.(Sponsor)