William Meyer, Founder and CEO of Social Security Solutions, Inc., provided testimony to the United States Senate Special Committee on Aging about providing quality Social Security information to Americans to facilitate better claiming decisions
LEAWOOD, Kan. — Sept. 23, 2016 /PRNewswire/ — Today, William Meyer, Founder and CEO of Social Security Solutions, Inc., offered recommendations to the United States Senate Special Committee on Aging on how the Social Security Administration (SSA) could help Americans make more informed Social Security claiming decisions.
“Social Security rules are very complicated, and the resources available are not very intuitive,” said Meyer. “Choosing how and when to begin Social Security benefits is the cornerstone for retirement security, and the SSA could make simple changes to help more Americans live better in retirement.”
Meyer provided the following four recommendations for the SSA that could help Americans make better Social Security claiming decisions:
- The SSA should provide better information to Americans. Currently, the SSA provides minimal information on individual benefits statements. By adding more details to current benefits statements, including lifetime cumulative benefits and how all benefit types can work together, these statements would help Americans better compare the tradeoffs between claiming strategies.
- The SSA should change policy to allow agents to provide guidance. Currently, the SSA rules do not allow agents to give advice on how to claim benefits. By changing the policy to allow agents to give claiming guidance, Americans would receive transparent and clear information that will allow them to fully understand their options.
- The SSA should facilitate partnerships with financial advisors. Currently, budget cuts have impacted support for financial professionals. By committing more resources and support to practitioners who help Americans make claiming decisions, the SSA would be able to extend its reach and help retirees secure all the benefits to which they are entitled.
Choosing how and when to begin Social Security benefits is the cornerstone for retirement security
- The Board of Trustees should provide clearer information on trust fund viability and level of funding security. Currently, the annual report contains information that many Americans are unable to interpret. By creating understandable materials about the trust fund, the Board of Trustees would be able to communicate that Social Security is a sound and important program, and mitigate the scare tactics and misinformation that drive early claiming behavior.
The hearing was intended to review the extent to which Americans understand Social Security rules affecting their retirement benefits and the information the SSA provides applicants about claiming retirement benefits.
The United States Senate Special Committee on Aging was first established in 1961 as a temporary committee and was granted permanent status in 1977. The Special Committee is dedicated to discussion and debate on matters relating to older Americans.
About Social Security Solutions, Inc.
Headquartered in Leawood, Kan., Social Security Solutions, Inc. delivers advice and education about Social Security benefit claiming strategies to consumers and financial professionals. Social Security Solutions, Inc. leverages its expertise, research and technology to help individuals determine the best strategy for collecting benefits in line with their overall retirement goals.
About William Meyer
Throughout his career, William Meyer has looked for new ways to deliver higher quality advice to people in retirement. He has a unique combination of experiences in leading the design and launch of innovative client centric services and products, as well as leveraging technology in service offerings. Early in Bill’s career, he learned financial planning techniques for the affluent, and has strived to apply those insights to all households regardless of wealth. He has a track record of successfully developing products and services in executive leadership roles at H&R Block, Advisor Software and Charles Schwab.