What do retirees consider to be the most beneficial source of information about Social Secuity?
Retirees seeking information about Social Security benefits are less likely than younger, and presumably, more tech-savvy individuals to do their research on the Internet. They are more likely to seek out printed materials or trusted friends and family members, according to a new survey conducted by Millionaire Corner.
Nearly half of retirees surveyed said that the Social Security Administration website was the most helpful source of information on Social Security benefits, compared with 54 percent of individuals who are still working or semi-retired. In comparison, a higher percentage of retirees were more likely than their nonretired counterparts to check out SSA printed materials (22 percent vs. 15 percent).
Ongoing Millionaire Corner research finds that older investors lag behind their younger counterparts to embrace technology and online resources. In a 2012 survey into social media attitudes and behaviors conducted by Spectrem’s Millionaire Corner, two-in-five Millennials expressed interest in a website providing information on apps, blogs, and social media outlets for investment information. The share dropped to 13 percent for respondents in their mid-50s to mid-60s.
Similarly, 27 percent of Millennials expect to use social more in the next six-to-12 months to obtain their financial information and manage their finances vs 5 percent of boomer and senior-aged respondents.
Boomer and senior-aged investors, too, were less likely than their younger cohorts to consult websites for financial goal-planning. What interest they do express in using the Internet for financial matters or activities is focused more on practical features such as accessing their personal account information or reading articles about financial topics and products rather than visiting webinars or podcasts about financial topics.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.