old Social Security poster 1936 poster issued by the Social Security Board to promote Social Security cards; today's workers have some scary misconceptions about their future Social Security benefits. (AP Photo)

Workers really don't understand Social Security. Not only do they not have a good handle on how much they'll get from it once they retire, when they do estimate the benefit they come up with a number that's substantially higher than what they'll actually get—a Really Bad Thing.

That's according to the sixth annual survey from the Nationwide Retirement Institute, which finds that while current retirees are collecting an average of $1,408 a month, those who haven't retired yet are anticipating a benefit of $1,805 a month—28 percent more. And since that's Not Gonna Happen, a lot of people will be in for a very unpleasant surprise.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.