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Advisors' mistakes on Social Security advice hurt widows

Too many early claims are considerably cutting into the long-term benefits for surviving spouses by drawing Social Security at 65.

By Gil Weinreich | Updated on August 28, 2012

Advisors appear to lack sophistication in advising clients about taking Social Security benefits, leading to mistakes that fall hardest on aging widows. That is the conclusion of a new study just published as a working paper of the Pension Research Council, a retirement research center affiliated with the University of Pennsylvania’s Wharton School.

The paper’s authors, Mathew Greenwald, Andrew Biggs and Lisa Schneider, based their findings on a survey of 400 financial advisors, drawn from a variety of different backgrounds including wirehouse and independent advisors, among others.

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