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The Market for Retirement Financial Advice$
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Olivia S. Mitchell and Kent Smetters

Print publication date: 2013

Print ISBN-13: 9780199683772

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199683772.001.0001

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

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

Chapter:
(p.70) Chapter 4 How Financial Advisers and Defined Contribution Plan Providers Educate Clients and Participants about Social Security
Source:
The Market for Retirement Financial Advice
Author(s):

Mathew Greenwald

Andrew G. Biggs

Lisa Schneider

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199683772.003.0004

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.

Keywords:   financial advisor, Social Security, decision framing, defined contribution plan providers, financial education, financial literacy

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