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news & trends
“ It ’ s indisputable that Americans across all generations need more Social Security education . Unfortunately , failing to close the knowledge gap and correct some of these misconceptions can have costly repercussions . Financial professionals must help their clients understand this bedrock of retirement security in America and plan properly to maximize their Social Security benefit .”
– Tina Ambrozy , Senior Vice President , Strategic Customer Solutions , Nationwide Retirement Institute
Know Your Social Security ?
According to a recent study , there are some gaps in Americans ’ knowledge of Social Security :
51 % Don ’ t have a clear sense of how much they will receive in Social Security income .
45 % Mistakenly believe if they claim early , their benefits will go up automatically when reaching full retirement age or don ’ t know this is false .
39 % Don ’ t know the eligible age to receive full benefits .
37 % Incorrectly believe Social Security benefits are not protected against inflation .
30 % Don ’ t know that Social Security may offer benefits for spouses and children .
– The Harris Poll and Nationwide Retirement Institute
THE numbers
58 %
The number of employees open to abandoning passwords and using other ways to log in .
– 1 Password
2 in 5
The number of smallbusiness owners who say low taxes are the most important factor for their success .
– Wallet Hub
69M
The number of jobs expected to be created between now and 2027 .
– World Economic Forum
$ 76,539
The average adjusted gross income reported on federal income tax returns filed in the U . S . in 2021 .
– IRS
$ 19.3B
The amount of sales and use tax payments received by the CDTFA during 1Q23 .
– California Department of Tax and Fee Administration
50 %
The number of workers concerned about widespread layoffs in their profession .
– Morning Consult www . calcpa . org JULY 2023 CALIFORNIA CPA 5