Individuals are failing to maximize their Social Security retirement benefits, according to a new report.
BMO Retirement Institute, a unit of BMO Financial Group, published this finding in an October 2012 survey of boomers eligible for Social Security. BMO Retirement Institute conducts research on financial strategies for individuals planning for, or currently in, retirement.
The report reveals that 48 percent of boomers are currently collecting or planning to collect Social Security benefits before full retirement age. Yet, 91 percent understand that waiting to take benefits increases the monthly amount they’re eligible to receive.
The BMO survey observes that 52 percent of respondents are not knowledgeable about strategies for maximizing Social Security benefits. And 62 percent have not actively looked for information regarding Social Security.
Eight in 10 survey respondents cite the Social Security Administration website as their primary source of information. Only 25 percent mention a financial advisor as a source of information and guidance.