Retirement quiz: 10 details too many people get wrong about Social Security, Medicare

Social Security has a lot of complex rules, and most Americans don't know them. In fact, according to a recent survey conducted by Nationwide, more than half of all adults surveyed got 10 key true or false questions about the retirement benefits program incorrect.

Their misconceptions included how long you can collect Social Security, whether those benefits are taxed as well as Medicare premiums and whether your income impacts how much you'll pay.

So, what are the 10 statements the majority of Americans got wrong? Here they are, so you can see if you're able to do better than most of your peers.

1. Social Security offers guaranteed income for life

Just 49% of people correctly indicated that this statement was true.

The reality is, once you begin receiving retirement benefits checks, they'll continue for as long as you live. For most people, this makes Social Security the only source of income they can count on for their entire retirement, since savings can run out. The fact that these benefits provide guaranteed income is one key reason why it pays to try to maximize them.

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