May 14, 2014
Nationwide Financial Enhances Planning for Social Security Benefits
New award-winning tool helps advisors assist clients in determining how to maximize benefits
Columbus, Ohio - To better assist advisors in helping clients plan for retirement expenses, the Nationwide Financial Retirement Institute today launched the Social Security 360SM program to improve advisors’ understanding of clients’ options for maximizing their Social Security benefits.
The program’s award-winning tool compares all the election strategies available to married couples, single people, divorced people, widows, government employees and even those who have already taken Social Security.1 Advisors can generate reports including claiming instructions, cash flow, income gap, and can “personalize” reports to include alternate election strategies suggested by the advisor or the client.
“America’s workers need to have a clear understanding of their options to identify a filing strategy for Social Security and connect the filing strategy to their overall retirement plan,” said David Giertz, president of distribution and sales for Nationwide Financial. “We provide an end-to-end Social Security program and retirement product solutions that equip advisors to be the expert their clients need to ensure they have enough money for retirement.”
The tool’s patented software by Social Security Timing® provides guidance through educational materials, help evaluating filing strategies and their impact to clients’ income plans. In addition, Nationwide Financial’s Team of Specialists provide advisors with filing strategy questions and solutions.
Among advisors offering retirement income planning services, only 33 percent are offering Social Security-claiming strategies as part of those offerings. 2
“Clients want individual attention to their comprehensive financial planning needs. They are looking, not for transactional financial interactions, but true needs-based analysis of their financial situation and corresponding financial solutions,” Giertz said. “Social Security 360 allows advisors to customize the Social Security and retirement discussion for each of their clients to help them make the best decision to generate enough income in retirement.”
Joe Elsasser, creator of Social Security Timing, said the partnership is the ideal pairing to advance Social Security Timing’s mission: to help financial advisors add value to client lives through better Social Security decisions.
“Nationwide’s strength and reach along with Social Security Timing’s analysis of Social Security claiming options are a powerful combination,” Elsasser said. “Together, we’re educating America’s workers on one of their most important decisions in retirement – when to claim Social Security – and how that decision fits into a holistic retirement plan.”
By using the Social Security tool’s patented software and support provided by Nationwide’s Income Planning Desk, Nationwide’s affiliated advisors are now better equipped to identify smart Social Security claiming options and to incorporate that income into innovative financial plans for their clients’ successful retirement.
“While Social Security calculators for consumers are widely available, they simply cannot match Social Security Timing’s calculations when combined with the expertise of a trained financial advisor,” Elsasser said.
To learn more, advisors can visit /financial/advisor-social-security-resources.jsp
Nationwide Mutual Insurance Company, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor’s. The company provides a full range of insurance and financial services, including auto, commercial, homeowners and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; specialty health; pet, motorcycle, boat and farm insurance. For more information, visit www.nationwide.com.