How Financial Advisers and Defined Contribution Plan Providers Educate Clients and Participants about Social Security

Loading...
Thumbnail Image
Penn collection
Wharton Pension Research Council Working Papers
Degree type
Discipline
Subject
Economics
Funder
Grant number
License
Copyright date
Distributor
Contributor
Abstract

American workers have demonstrated relatively low levels of knowledge of how Social Security works. Most claim benefits at age 62, far earlier than many experts believe is optimal. Early claiming has a particularly negative impact on women. A significant proportion of workers use professional financial advisors and most workers participate in a defined contribution plan. Through a survey and in-depth interviews information was collected on how advisors and plan providers counsel clients and participants on Social Security. The results indicate steps that could increase the effectiveness of these channels to provide effective education and advice on Social Security and claiming.

Advisor
Date Range for Data Collection (Start Date)
Date Range for Data Collection (End Date)
Digital Object Identifier
Series name and number
Publication date
2012-08-01
Volume number
Issue number
Publisher
Publisher DOI
Journal Issue
Comments
The published version of this Working Paper may be found in the 2013 publication: The Market for Retirement Financial Advice (http://pensionresearchcouncil.wharton.upenn.edu/publications/books/the-market-for-retirement-financial-advice/).
Recommended citation
Collection