Many Workers Don't Know When They Can Retire

GAO discussed workers' knowledge of their eligibility to receive pension benefits. Regarding early retirement, GAO noted that: (1) over 40 percent of 22 million workers were incorrect or did not know about their eligibility; (2) 75 percent of 12 million workers who were correct about eligibility did not know when they could receive benefits; (3) eligible workers, more educated workers, and workers further from their eligibility date were more likely to know about their eligibility; and (4) males were more likely than females to know about their eligibility. Regarding normal retirement, GAO noted that: (1) over 70 percent of 25 million workers with pension plans were incorrect about when they were eligible for benefits; and (2) males and workers close to their eligibility date were more likely to know when they were eligible.