When to claim Social Security is one of the biggest decisions retirees face. But financial advisors’ guidance may be biased, recent research finds.
But financial advisors' guidance may be biased, recent research finds.Working with a financial advisor should help encourage prospective beneficiaries to understand the value of delaying their benefit claims. YetThe research — co-authored by David Blanchett, head of retirement research for PGIM DC Solutions, and Jason Fichtner, chief economist at the Bipartisan Policy Center — found the results varied based on advisor type.
The research results are"really disappointing," said Joe Elsasser, a certified financial planner who is president of Covisum, a Social Security claiming software company. By waiting until age 70, retirees stand to receive the biggest benefit boost — a monthly benefit that is 77% higher than what beneficiaries may receive at 62, the research notes.
To be sure, not everyone can wait to claim until age 70. Those who do delay tend to retire later or have more financial assets, according to the research."If you know that you're not sick, and you have some money saved for retirement, the odds are you should probably at least delay until 65, 67, maybe 70," he said.Not all financial advisors will have the same knowledge of the ins and outs of Social Security claiming, which comes with a multitude of rules.
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