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