Social Security: Are You and Your Financial Adviser in Sync?

Advisor Explaining The Details Of The Contract He Is Holding In His Hand To His Mature Adult Clients Around Their Kitchen Table

If you are a financial professional or you're piloting your family's financial ship, statistics and survey results can help you prove a point to clients or family members.

Take the survey results below, which highlight the disconnect between what advisers say they do and what clients perceive regarding advice on when to claim Social Security.

According to a study by the Alliance for Lifetime Income:

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92% of financial professionals say they help clients decide when to claim Social Security
Only 22% of clients say their adviser helped them the most when making that decision

This gap shows that while advisers believe they are providing effective guidance, most clients either do not recognize it or do not feel it was the primary source of help.

To manage this situation properly, let's frame it first from the client's perspective and then from the adviser's.

Closing the advice gap: The client's perspective

As a client, your first step should be to log on and set up an account (both for yourself and your spouse/partner) at SSA.gov. Here you can view and check the accuracy of your accounts.

First, verify that every year's earnings are correct, because missing or incorrect earnings can reduce your benefits. If you find errors, you can request corrections — you'll need the proper documentation, such as your W-2 and/or tax returns.

About Adviser Intel

The author of this article is a participant in Kiplinger's Adviser Intel program, a curated network of trusted financial professionals who share expert insights on wealth building and preservation. Contributors, including fiduciary financial planners, wealth managers, CEOs and attorneys, provide actionable advice about retirement planning, estate planning, tax strategies and more. Experts are invited to contribute and do not pay to be included, so you can trust their advice is honest and valuable.

Second, confirm your full retirement age (it's likely to be 66 or 67 depending on your birth year). This affects when you can claim full benefits without any reductions.

Keep in mind that as a client of an advisory firm, you should not assume your financial adviser will automatically cover Social Security. You should bring it up explicitly — after all, it is your money and your future that are at stake.

A good way to position this with your adviser is by phrasing it like this: "I want to make sure we analyze my/our Social Security claiming options as part of my/our complete retirement plan."

You should then request a formal analysis of your Social Security benefits. Most firms have software that can carry this out without including additional complexity to the topic.

In addition, the SSA.gov site has a retirement estimator and benefit calculators to model and calculate personal customized scenarios.

As you collaborate with your adviser, request a break-even analysis and lifetime benefit comparison for claiming at different ages. We would suggest asking for scenarios that include:

Both spouses claiming early
One spouse delaying until 70
Claiming survivor benefits
Work scenarios (e.g., continuing to earn income) and their tax implications

Research often cites more than 500 unique claiming permutations for a typical couple. Following the steps above should give you the data and analytics to make the best and most prudent decision for you and your family.

However, Social Security, and the various claiming strategies that may accompany it, are only one component of a successful retirement strategy. Participating fully in a workplace qualified retirement plan (QRP), such as a 401(k), and saving diligently are also vital.

Closing the advice gap: The adviser's perspective

There are several practical steps advisers can take to close the Social Security disconnect between what they think they provide and what clients perceive.

First, make Social Security a visible part of the plan you offer to retirees and soon-to-be retirees. We suggest including Social Security analysis in every retirement plan review.

Secondly, put it in writing. Behavioral experts have cited that clients often don't recognize verbal advice as formal guidance. By documenting your discussions, you are formally conveying the importance that Social Security claiming strategy plays in the overall success of a comprehensive retirement plan.

Your written retirement plan should include:

Recommended claiming ages
Rationale (longevity, survivor protection, tax impact)
Integration with other income sources

Step three is to simplify plans using dedicated tools and software programs. Popular platforms such as eMoney and MoneyGuide Pro have great graphics and analytics that present break-even charts and lifetime benefit comparisons, enabling clients to see the value of a plan more easily.

Advisers can also log on to SSA.gov with their clients to review the retirement estimator and benefit calculators, and programs such as SS Analyzer, Income Insight and Maximize My Social Security may also provide useful information before finalizing a decision.

Finally, advisers must continue to educate clients proactively. "We covered that already" does not mean we do not need to periodically refresh and revisit these topics — especially when dealing with Social Security options.

For example, advisers can host webinars or workshops on claiming strategies. And providing one-page guides explaining strategy options, income impact and tax implications should become a standard portion of the client annual review packet.

The gap between advisers and clients on Social Security claiming strategies is clear: Most advisers believe they provide guidance, yet few clients recognize or act on it. This disconnect is not just a communication issue — it is a missed opportunity to improve retirement outcomes.

Clients should proactively ask for detailed analysis and written recommendations. Advisers must ensure Social Security planning is visible, documented and integrated into the overall financial plan.

When both sides engage intentionally, Social Security becomes a powerful tool rather than an afterthought.

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Myles J. McHale Jr. is the President and Founder of Wealthcare Advisors and Consultants, LLC, with over 40 years of experience in financial services. Wealthcare provides proven and successful financial transitions for individuals and families. He has held leadership roles, including Senior Investment Officer and Regional President at US Bank, Wilmington Trust/M&T Bank, Fleet Investment Services, Chase Manhattan Bank and The Morgan Bank. He has been an Adjunct Instructor at Cannon Financial Institute for the past 15 years, sharing expertise in investment management, charitable foundation management and retirement services.