May 29, 2014
Nationwide Financial’s New Program Helps With Planning for Social Security Benefits
New award-winning tool complements comprehensive program to help advisors maximize benefits for clients
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, powered by its award-winning Social Security 360 AnalyzerSM tool. The program was created to improve advisors’ understanding of clients’ options for maximizing their Social Security benefits.
The tool, which was one of the recipients of the Bank Insurance & Securities Association (BISA) 2014 Technology Innovation Award, compares all the election strategies available to married couples, single people, divorced people, widows, government employees and even those who have already elected. 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.”
Social Security 360 AnalyzerSM is powered by patented software from Social Security Timing® that helps evaluate filing strategies and the impact to clients’ retirement income plans. The technology complements Nationwide Financial’s Team of Specialists that provides education, support and planning for advisors to help with filing strategy questions and solutions for their clients.
Among advisors offering retirement income planning services, only 33 percent are offering Social Security-claiming strategies as part of those offerings. 1
“Only a third of clients are getting the advice they need on social security, but more than half say they expect it, and almost all clients say they’ll leave their advisor if they don’t get Social Security advice they’re looking for,” 2 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 patented 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 Social Security Timing’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 how 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 insurance, homeowners, pet, motorcycle, boat, farm, commercial insurance, life insurance, annuities, mutual funds, public and private sector retirement plans, banking, mortgages, and specialty health services. For more information, visit www.nationwide.com.