Americans are more skeptical about retirement than ever. And understandably so. After two years of the COVID-19 pandemic, we have entered an environment of record inflation rates, higher-than-average gas and consumer goods prices, and a tumultuous stock market.
This has all led to an increase in the number of people who plan on continuing to work after filing for Social Security benefits, according to a recent article published by CNBC. The article cites a survey of more than 1,800 adults and found that 42% of respondents plan on filing for Social Security benefits early while continuing to work (up from 36% who said that in 2021).
Of course, you know the disadvantages that come with filing early. But the survey indicates many Americans aren’t up to speed on the ins and outs of Social Security. Only 13% knew at which age they could file and receive 100% of the benefits they earned. This suggests that people are willing to take as much of a 30% reduction in benefits – and keep working – to keep their heads above water in this unpredictable economy.
The Advisor’s Role
Providing education on how to maximize Social Security benefits is often an important part of the client/advisor relationship. With a rumored COLA increase of up to 10.5% percent coming next year, your Social Security knowledge is a marketing tool unto itself.
You could also go one step further and help your clients be proactive about their retirement nest egg with products and strategies that provide much more than Social Security alone. While clients might be averse to risk in today’s economy, IAMS is offering resources to help you put their minds at ease.
Our Market Volatility Survival Kit was put together in response to our current environment and includes:
- Our top bonus and accumulation FIA options to recoup market losses
- Point of sale pieces to prompt prospects to take action
- Details on our Smooth Sailing sales strategy
- Prospecting pieces and more
To request your complimentary kit, click here.
Position Yourself, and Your Clients, For Success
As quickly as the landscape has been changing lately, it’s vital that you stay ahead of the curve. Being tuned into the latest products and marketing strategies is the best way to boost your business and provide the highest quality of service to your clients.
If you’re ready to take your business to the next level, apply now to IAMS’ Life and Annuity Academy. From September 14 -16, we’ll partner with American National and Lincoln Financial Group at our home office in Omaha, Nebraska for three days of high-level training. Those who qualify will receive an all-expenses-paid trip to Omaha and hear from industry insiders, members of the IAMS team, and multi-million-dollar producers. The Academy is limited to 25 producers and seats are filling up fast. Click below to apply.
