When to claim Social Security is one of the biggest decisions retirees face. But financial advisors' guidance may be biased, recent research finds.
Working with a financial advisor should help encourage prospective beneficiaries to understand the value of delaying their benefit claims. YetThe research — co-authored by David Blanchett, head of retirement research for PGIM DC Solutions, and Jason Fichtner, chief economist at the Bipartisan Policy Center — found the results varied based on advisor type.
"This research shows that financial advisors may be biased toward strategies that may provide higher advisor compensation, even if those recommendations are not in the best interests of their clients," Blanchett and Fichtner wrote. As the Social Security full retirement age moves to age 67, benefits available at age 62 are even further reduced.
Experts say there are signs prospective claimants can watch for to gauge the quality of the guidance they're getting.
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