While not all United States citizens need help when it comes to Social Security decisions, it is clear that the majority do.

In a press conference held in the exhibit floor at the FPA BE conference in Boston, the FPA and AARP announced joint research revealing an enormous Social Security knowledge gap. 

Overconfidence among Americans is a major problem that can cause mistakes. FPA/AARP research found that 9 percent of consumers believe they are very knowledgeable, with an additional 38 percent who believe they are somewhat knowledgeable.  While on the other hand CPF professionals see the opposite, with them believing that just 1 percent of their clients are knowledgeable and 31 percent are somewhat knowledgeable.

Speaking at the press conference, AARP president Jeannine English noted that  it is hard for many to maximize the value of Social Security's benefits if they do not have the basic facts. “Most people don’t understand the importance of when you claim,” She said.  They do not understand how much less they get if they don’t wait."

For most retirees, Social Security is their primary source of retirement income. “Many people don’t realize how much they will rely on Social Security," English said. "Consumers may not realize the extent of their knowledge gap.”

One serious concern for consumers is that Social Security will not be there for them.  English addressed these fears, saying, “We know that Social Security would pay out 75 percent of promised benefits [even after 2034 when funding problems arise], unless Congress takes action.”

However, there was no joint solution or recommendation being offered by either organization as part of the research.  When asked about the issues Social Security faces, English responded, “Until 2034 Social Security will be fully funded.  We hope that Congress will look at that.”

Edward W. Gjertsen, II, currently serving as FPA president, said Social Security is the cornerstone of any retirement plan.  He spoke of the reason for its creation, stating, “Social Security is anti-poverty benefit.  It is giving security.”

“As planners, 81 percent believe that maximizing what you get out of Social Security is important,” said Gjertsen.

One concern he cited from the research was that many people think they need to take Social Security early. 

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