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Although more than 15,000 people join the Social Security benefits payment pool each day, two-thirds of them struggle to understand basic facts about the system.
"Now's the time for retirees to take action," said Mike Fanning, head of MassMutual U.S., which administered a quiz to near-retirees. "Headwinds facing retirees today are plentiful: Inflation. Market volatility. The extra Medicare cost added to Part B and Part D premiums included in Social Security retirement benefits. Potential cuts looming for everyone collecting Social Security retirement benefits by 2035. Discussions about changing the age of taking required distributions. The list grows every day, and near-retirees have an opportunity to make a difference now to better prepare them for 10, 20, 30 or more years in retirement."
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