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Public Knowledge About the Social Security Retirement Program: Differences by Race and Ethnicity
General Information
Title
Public Knowledge About the Social Security Retirement Program: Differences by Race and Ethnicity
Author
Richard E. Chard, Matt Messel, and David Rogofsky*
Publication Type
Journal paper
Outlet
Social Security Bulletin
Year
2023
Abstract
We use 2014–2021 survey data from the first three waves of the Understanding America Study to examine public knowledge of the Social Security retirement program. We present descriptive statistics and highlight differences in program knowledge by respondents’ race or ethnicity as well as by age, education level, and sex. Social Security retirement benefits are the primary source of income for many people, and program knowledge helps individuals make optimal decisions about saving and the timing of benefit claiming. It is critical to understand any racial-ethnic disparities in retirement program knowledge and to develop solutions to address them. In this article, we find that people of color have significantly lower levels of Social Security retirement program knowledge than non-Hispanic White people. These program knowledge disparities persist across age and education levels and are compounded for women of color. We discuss the implications of these findings and suggest directions for future research.