Do You Want to Give Financial Advisors Part of Your Social Security Check?

Do You Want to Give Financial Advisors Part of Your Social Security Check?

Nickel adds to Mom’s to do list:

1..  Read your social security statement for you.

2.  Tell you when you are capable of retiring.

3.  Add your social security monthly payment to your 401k monthly income.

4.  Tell you how to find an accountant.

5.  Tell you how to find an estate attorney.

6.  Subject you to senior fraud and Ponzi schemes.

7.  Have access to all your social security earnings information, directly, creating unprecedented potential senior fraud.

Investment News, reported in this article yesterday, “Financial planning platforms target Social Security benefits data for online integration” that workplace advisor, Financial Engines, is trying to strike a deal with the Social Security Administration to get a data feed of your social security benefits directly.  Betterment, a so-called “Robo-Advisor”, who Citibank has invested in, is also working on a similar strategy, as is Morningstar’s Hello Wallet.  What do these three firms have in common?  They all are designed to create a “learned helplessness” and simply offer services that they charge a fee for, that you can determine on your own through ready available information, now all available online.  However, if you are willing to give them a piece of your social security check to have them do it for you, that is your choice, but many in retirement today are faced with watching their pennies closely.

The article stated:

“That’s because Financial Engines, Betterment and HelloWallet have recently struck a partnership with the SSA to develop software to incorporate Social Security data for individuals automatically onto their platforms. It is yet one more of the government’s attempts to assist soon-to-be retirees with their financial planning.”

We caution our Nickel readers, the government, your tax dollars, have already invested significant amounts in informing every American what is available for your social security.  It is all right there at their website and you also get an annual statement telling you exactly how much you will get on a monthly basis, how much your spouse will get and what the maximum is for your every household each year.  If you have any questions call the social security administration or email us here at Nickel.  There are a few alternatives with a two person household in determining how to maximize your benefits, but read one of the great reviews on the strategies.  Remember someone is paying for these tech firms to develop the software integration and these firms are not non-profits, which means you are paying to have them tell you all about your social security benefit, all available at the Social Security Administration.

The costs to society are too great in combatting the potential senior fraud that will ensue through have a salesforce armed with access to American’s social security benefits.

Nothing is free.  Financial Engines, Betterment, Hello Wallet (Morningstar) are all set to take part of your social security check through a fee to tell you when and how to take it.  We reiterate you are capable.  Do not fall prey to their scheme to skim more from your social security check and retirement savings, that the White House Economic Advisor recently reported is costing Americans over $17 billion annually from these conflicted intermediaries, so called “advisors.”

Learned Helplessness and the Financial Advice Industry

Since 401k’s were introduced the financial industry has spent billions of advertising to convince you, that you are incapable of selecting on your own the top US money manager for a simple balanced and growth fund.  It is not complicated if you have the simple tools and benchmarks.  It is the financial advice industry, with conflicted education, that has ensured most Americans feel they are incapable of selecting the top balanced fund in the United States.  They have crafted advertising to ensure you feel dependent on them, to ensure they may receive an intermediary fee. You are very capable, without a salesman, in choosing what is in your best interest.

The latest scheme is to convince the American public that you are incapable of reading a social security statement and determine how to add the income from your retirement plans together with the annual amount from social security.    Yes, there are a few alternatives with two earner families on the timing, but the social security administration is staffed and ready to answer your questions.  Here is where you go online and you can also make an appointment!…for free.

We have warned about this scheme before. Public Radio Shills for Financial Engines.  Don’t fall prey to financial intermediaries seeking ways to take an ever greater piece of your nest egg at retirement.  You can do it!  Here is the Social Security site and email us with any questions


Social Security Adminstration

Social Security Administration:

Social Security Administration Website

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