Providers Suggest Ways to Improve Social Security Education

The plan providers that were interviewed offered several suggestions for how they and the SSA should work together: 

• Social Security Optimizer. One respondent asked for an online Social Security Optimizer, to help plan representatives work with participants as they figure out the best age for them to claim their Social Security retirement benefits. This material would be given to advisers and plan participant representatives who interact with and educate participants. Some participants believe that a publicly available Web planner provided by the SSA would likely be accurate due to its access to demographic data and its actuarial and economic expertise.  
• More Effective Material. Some plan providers suggested they could help the SSA create more user-friendly content and improve the presentation of the valuable information currently offered online. For instance, the conclusion of a frequently asked questions list, and a strategy set for claiming Social Security, including some for married couples. Plan providers would like to integrate data with SSA information. This would permit providers to show participants estimated Social Security retirement benefits (and even spousal benefits), and help arm participants with a better integrated understanding of how much income to expect in retirement.  
• Representative Training. Several plan providers suggested that the SSA could develop a capacity to train plan provider representatives about Social Security. Plan representatives and other financial professionals could become “certified” Social Security experts, especially if that training could count toward Continuing Education (CE). 

The Pension Research Council working paper can be downloaded here. A free registration is required. 

Rebecca Moore
editors@plansponsor.com