Most people who participated in the survey are age 25 to 65 and have not yet begun Social Security, so the lack of information can be costly for purposes of making sound decisions and maximizing benefits.  

For example, one true-false statement was: "Under current Social Security law, full retirement age is 65." MassMutual said that 71 percent incorrectly answered true.

But the statement is false because for people reaching retirement age today Social Security's normal retirement age (NRA) is 66, and for younger people it is even higher, up to 67. A worker or non-working spouse who starts benefits at 65 (based on a false notion) must accept a permanent reduction in Social Security benefits.

Also, 55 percent of survey participants incorrectly answered this question: "I can continue working while collecting my full Social Security retirement benefits – regardless of my age."

The answer, actually, is false up to the month in which each person reaches NRA. Before that month, if the participant earns over the retirement earnings test, all or part of benefits will be withheld until NRA.

For 2015, the test amount is $15,720 before the year in which NRA begins and $41,880 for the year in which NRA begins.

This knowledge is important because most people who plan to keep working through their NRAs should not count on receiving full Social Security benefits, also, unless they earn very little.

MassMutual says that only 8 percent of people surveyed consider themselves to be very knowledgeable about Social Security, and only one person (of all 1,513) earned a perfect score on all 10 questions. Details are at the MassMutual site.

Start by taking the quiz yourself. Then try it on a few clients who are approaching retirement age. You will find that spending a few minutes covering these topics can greatly increase knowledge and confidence about Social Security, prior to making important Social Security decisions, with your help.