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.


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