Nationwide Survey Shows Pre-Retirees Want Social Security Advice

Jun 29, 2018 / Amanda Chase, Horsesmouth Assistant Editor

62% of advisors say their clients frequently ask them about when to collect Social Security, the Nationwide Retirement Institute learned in a survey of advisors. Yet, in a separate consumer survey, Nationwide learned that only 13% of American workers have discussed Social Security with an advisor, and, among this group, 40% say they started the conversation.

This same survey found that 88% of older adults do not know how to maximize their Social Security payments, and 63% of pre-retirees are not confident in their knowledge of Social Security. The advisor survey found that only 25% think that 80% or more of their client base understand the factors that will impact their Social Security income.

83% of advisors think their clients expect them to give advice on Social Security, and 42% say their clients might move to another advisor if they don’t show them how to optimize their Social Security benefits. The consumer survey found that 72% of investors would actually switch advisors if this were not to happen. Yet, only 37% of advisors say they are confident in their ability to help their clients maximize Social Security.

You can find the full article at Plan Adviser.

 

IMPORTANT NOTICE
This material is provided exclusively for use by individuals with an active license to the Savvy Social Security Planning Program. Use of this material is subject to the Social Security Planning Program Agreement and applicable copyright laws. Unauthorized use, reproduction or distribution of this material is a violation of federal law and punishable by civil and criminal penalty. This material is furnished “as is” without warranty of any kind. Its accuracy and completeness is not guaranteed and all warranties express or implied are hereby excluded.

© 2024 Horsesmouth, LLC. All Rights Reserved.