A majority of older Americans get no professional advice about a key part of retirement planning — Social Security — even if they work with a financial advisor, a recent study concluded.
Released by Nationwide Retirement Institute, the study (click here to download) says that among people either nearing retirement or already retired, fewer than a third have a financial advisor. And of those who do work with a pro, 59 percent have not been advised on Social Security benefits. The findings are consistent with the past two years' study results.
"A lot of this is due to the fact that [most] advisors wish they had more information about Social Security rules and regulations," said Kevin McGarry, the institute's director, citing that internal research shows 63 percent want to learn more. "Most advisors don't have [extensive] knowledge about it, so they don't it bring up to their clients."