Among baby boomers who have a strategy for collecting Social Security, the most frequently selected triggers for planning were:
- Concern about whether savings will provide enough income in retirement – 44 percent
- Need to decide on my retirement age – 42 percent
Source: "How much will I get?" Securian Financial Group, 2013
What's new
April 2013
Securian study of retirement strategies finds knowledge lacking
Given how many baby boomers are about to retire, one would think they would be making plans for maximizing their Social Security benefits. But a recent survey by Securian Financial Group reveals less than 20 percent of baby boomers know how and when they will claim Social Security. Many of them seem unaware that delaying retirement a few years can give their retirement income a big boost.
 |
|
“Our survey found that only 18 percent of baby boomers are making decisions now about how they’ll claim Social Security,” says Michelle Hall, manager of Market Research at Securian. “Their focus on Social Security may be rising because half of that 18 percent tweaked their plans within the last three years.”
The Planners
In the report, “How much will I get?” Securian’s study of boomers’ Social Security strategies,” 18 percent (147) of respondents – the Planners – say they have developed or are developing Social Security strategies.
Nearly half of the Planners created or started to create their plans between the ages of 60 and 65. Those who tweaked their Social Security strategies in the last three years did so because they changed the age at which they planned to retire (59 percent) or changed the age at which they planned to start collecting Social Security benefits (48 percent).
Nearly 14 percent of this group also made changes in their spouse’s claiming strategies.
The Social Security website is the Planners’ most popular source of information about claiming benefits: Sixty percent say they consulted it when making their plans. Twenty-two percent consulted financial advisors.
The Non-planners
Eighty-two percent (657) of respondents have not made Social Security plans or are just beginning to explore their options. Nearly 17 percent (109) of them say they expect to receive no retirement income from Social Security, compared to four percent of the Planners.
“The number of boomers who expect to receive no Social Security benefits or aren’t sure how much they’ll receive reflects the group’s insecurity about financial security in retirement,” says Hall.
Not all non-planners are so pessimistic. More than half (53 percent) say they expect Social Security will account for 40 percent or more of their retirement income.
When they do start making decisions about when they’ll claim Social Security, 66 percent of the non-planners say they’ll consult the Social Security website for information. Nearly 40 percent of them plan to physically go to their local Social Security offices with their questions (compared to 22 per cent of planners) and 27 percent say they will consult financial advisors.
Methodology
Securian’s survey of 804 baby boomers about their plans for claiming Social Security retirement benefits was fielded through uSamp's online consumer panel from January 18-22, 2013. Securian targeted consumers between the ages of 50-65 who were not yet retired.
» March 2013
Minnesota Life sponsoring breakout at benefits conference
» February 2013
Minnesota Life reports outstanding year-end results
» January 2013
Growing a company in good times and bad
» December 2012
Happy holidays!
» November 2012
Healthspan vs. Lifespan
» October 2012
Voluntary benefits
» September 2012
Promoting goodness in leadership can energize your workforce
» August 2012
Securian ranks among best employers
» July 2012
2012 Financial Wellness Survey
» June 2012
Global Rescue is travel assistance partner
» May 2012
"Voluntary Pulse" survey guides carriers in improving benefits strategy
» April 2012
Will my money last as long as I do?
» March 2012
Securian appoints leaders for two branch offices
» February 2012
Minnesota Life reports outstanding year-end results
» January 2012
The key to controlling health care costs: more transparent than you think
This article appears in our free, monthly e-newsletter - Aware. Click on the banner below and subscribe now!
