Posted on 14 September 2012
By Mark Miller
Most Americans need help when it comes to understanding how to get the most out of their Social Security benefits. But a new study shows that financial advisors aren’t very knowledgeable about the ins and outs of the program, either.
The Pension Research Council at the Wharton School examined efforts to educate pre-retirement Americans about Social Security by advisors and workplace retirement plan sponsors – two of the most important “touch point” opportunities to help with retirement planning. The researchers conclude that advisors often don’t provide the best advice to their clients – especially on the optimal age for claiming benefits. And defined benefit retirement plan sponsors aren’t providing much direct advice at all.
Learn more in my column today at WealthManagement.com.