Millennials Want to Hear About Social Security Too

Aug 14, 2020 / Amanda Chase, Horsesmouth Assistant Editor

Social Security planning might be a better conversation starter for younger prospects than for older prospects. Nationwide found evidence for that recently when it commissioned an online survey of 1,727 U.S. consumers ages 24 and older. They found that 32% of the millennials (defined as ages 24-39) without advisors said they plan to ask a financial advisor about Social Security. Only 21% of the Gen Xers without advisors, and 6% of the boomers without advisors, said they’d ask advisors about Social Security claiming.

Millennials’ high level of interest in Social Security planning “gives a great call to action for financial professionals,” said Tina Ambrozy, a senior vice president at Nationwide. “It’s a topic for all clients.” Learning about Social Security planning early is a great idea, because younger workers have many more ways they can use their knowledge than clients who are already within a few years of retirement, Ambrozy said. “Now it’s up to us to make sure we’re stepping up with that kind of support,” Ambrozy said.

Nationwide also asked participants about what they think about options for strengthening Social Security’s finances. The company found that many survey participants in the sample believe that Social Security needs reform, but that there’s no clear consensus on how Social Security should change. The most popular reform option is getting high earners to pay extra. That option has the support of 52% of the boomers and 45% of the Gen Xers. Only 35% of the millennials said getting the rich to pay more is a good way to shore up Social Security.

You can find the full ThinkAdvisor article here and the Nationwide survey here.

 

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