Almost half of adults age 50 and above failed a simple five-question quiz on Social Security that MassMutual recently sent out in an online survey.
For married couples who coordinate claiming strategies, those benefits can be worth more than $1 million over their lifetimes.
Long-term planning, including when it comes to money, has been a challenge for the gay community, which has had a “live for today, tomorrow we’re going to die” mentality, Schneider and Auten admit.
“Mostly because of the AIDS crisis, I think, a lot of our community had this carpe diem attitude,” Schneider said.
But as more members of the community live into their 80s and 90s and couples are able to gain access to all of the benefits of marriage, that is starting to change, the couple said. Now, gay couples are faced with the same reality all couples face: planning for income in retirement.
As newly married gay couples reach key wedding anniversaries, their eligibility for Social Security benefits is also changing.