Survey Shows Clients Expect Social Security Advice From Their Financial Planner

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A majority of retirees and pre-retirees now expect Social Security planning advice from their financial planner, according to a survey by Social Security Timing, in partnership with MarketTools.

A majority of retirees and pre-retirees now expect Social Security planning advice from their financial planner, according to a survey by Social Security Timing, in partnership with MarketTools.

The survey findings—which are summarized in this report, Social Security Planning: A Cornerstone of Your Financial Practice?—show that not only do 57% of married couples age 60-66 expect their advisor to help them analyze election strategies, but the same percentage would actually look for another advisor if their current advisor couldn’t or wouldn’t help them with Social Security planning.

“The fact that a majority of people are actually willing look to an outside advisor for this type of service shows the opportunity the financial advisors have to gain new clients by offering Social Security planning,” said Joe Elsasser, CFP. “Of course, the flip side of that are the advisors who choose not to offer Social Security planning; they run the risk of losing clients to those who do.”

Social Security Timing and MarketTools surveyed 532 married couples age 60-66 in an effort to gauge their knowledge of Social Security election options, their expectations for Social Security advice, and the value that retirees and pre-retirees place on such advice.

The responses revealed a significant knowledge void in a large majority of married couples when it comes to Social Security planning. For example, 73% of couples are not aware of important Social Security election strategies that could increase their lifetime Social Security benefit by $20,000 to $40,000 (present value) and sometimes more.

Another 77% of couples believe that the Social Security Administration (SSA) is the best place to receive advice on how to maximize their Social Security benefits, despite the fact that most SSA personnel are not trained or equipped to dispense anything more than monthly benefit amounts at different election ages, and the SSA actually prohibits its representatives from dispensing advice.

“The reality is people are dangerously uninformed about how to maximize their Social Security benefits and financial advisors are the best equipped to step in fill this knowledge void,” Elsasser said. “Clients are now looking to their advisors for this type of education and they’re willing to go elsewhere to find it.”

About Social Security Timing™
Social Security Timing™ is a patent-pending online software application used by financial advisors all over the country to help their married clients maximize their Social Security benefits. Social Security Timing™, arrives at its recommendations after looking a couple’s age and income record and running complex calculations to find the election strategy that offers the highest expected lifetime benefit. Advisors can run reports and get training at http://www.socialsecuritytiming.com.

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Dan Trumblee
Senior Market Sales, Inc.
402-397-3311 3706
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