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When to Take Social Security: It Pays to Wait Train-the-Trainer Toolkit

When to Take Social Security: It Pays to Wait Train-the-Trainer Toolkit. Kristen Arnold National Academy of Social Insurance www.nasi.org. Contact info: 202-452-8097 karnold@nasi.org. Outline for Today. Importance of Social Security and impact of claiming decisions

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When to Take Social Security: It Pays to Wait Train-the-Trainer Toolkit

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  1. When to Take Social Security: It Pays to WaitTrain-the-Trainer Toolkit Kristen Arnold National Academy of Social Insurance www.nasi.org • Contact info: • 202-452-8097 • karnold@nasi.org

  2. Outline for Today • Importance of Social Security and impact of claiming decisions • NASI’s response: educational toolkit • Train-the-trainer model of dissemination • Why and how this model is effective

  3. Social Security is the main source of income for most retirees • Social Security retirement benefits are a modest but vital source of retirement income • Social Security grows more important at older ages Source: Figure 2, When Should I take Social Security Benefits: Questions to Consider (NASI brief)

  4. Benefits of Waiting, If you Can, to Take Social Security • ‘conventional wisdom’- take Social Security as soon as possible • 8% per year increase in benefits after FRA • Retirement income boosted for life, protection against many risks retirees face

  5. NASI’s Public Education Campaign • Objective: • Explain key messages about when to take Social Security benefits, dispel myths and misinformation about Social Security • Target audience: middle- and lower-income workers nearing retirement age

  6. When to take Social Security: It Pays to Wait Toolkit • Toolkit: 3-minute video, one-page fact sheet, 16-page brief • Key messages: • If you need Social Security, take it, you’ve earned it. • But if you can wait, even a year or two, your monthly benefit will be higher for the rest of your life. • If you’re married, you have two lives to plan for. If you are the higher earner, waiting to take Social Security means providing a higher survivor benefit for your spouse if she or he outlives you. http://www.nasi.org/WhenToTakeSocialSecurity

  7. NASI’s ‘Train-the-Trainer’ Approach • Use networks that people already trust to spread information  • partnerships with 4 community organizations • National Urban League • National Council of La Raza • National Women’s Law Center • Center for Rural Strategies • Disseminate to financial planners and journalists and human resource professionals

  8. NASI’s ‘Train-the-Trainer’ Approach (cont’d) • Introduce informed, unbiased arguments that are not currently conventional wisdom • Clear, concise educational materials • Intermediary organizations can ‘pick and choose’ what is most important to their target audience • Diverse outreach strategies by NASI and awardees • Materials in a range of formats able to be used by trainers and trainees

  9. Next Steps • Continued outreach to sources that older workers trust for advice on when to take Social Security • We welcome your advice and feedback on the toolkit and additional outreach strategies Contact: Kristen Arnold karnold@nasi.org, 202-452-8097 Toolkit available at: http://www.nasi.org/WhenToTakeSocialSecurity

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