PLANSPONSOR - August/September 2021 - 31

knowledge when it comes to that benefit
and what they will receive in retirement.
According to the report, only 16% say they
know at what age they will be eligible for
full Social Security benefits, and 45% are
unaware that filing early means reduced
payouts for life, compared with filing at
full retirement age.
Additionally, more than half (54%)
of adults do not know what percentage of
their income will be replaced by Social
Security, and 55% do not know that
Social Security benefits are taxable for
all except low-income taxpayers.
There is also a disconnect as to
expected earnings-in its 2019 survey,
Nationwide found that employees within
10 years of retiring expect to receive,
on average, $1,805 a month in Social
Security benefits, but retirees actually
collect an average of $1,408-a 28%
difference.
Considering this, Brogan O'Connor,
senior financial planner, Sentinel
Benefits & Financial Group in New York
City, says plan sponsors and providers
have stepped up to provide education.
" We know of a lot of HR [human
resources] professionals who have taken
it upon themselves to learn about Social
Security and teach employees about
the basics. Or, during benefits fairs,
they bring in a Social Security expert, "
says O'Connor. " Employers also guide
employees to the correct resources. "
Experts say it is important for
employees to receive personalized Social
Security guidance.
" Much education focuses on how to
maximize Social Security benefits, but
employees need to know how to coordinate
this with other savings, " says
William Meyer, head CEO, research,
of Social Security Solutions, in Kansas
City, Kansas.
" People can claim Social Security as
early as 62, " Meyer says. " If they decide
to wait until age 70 to maximize their
benefits, they'll need other savings to
do that. "
Medicare
Medicare-which is administered by the
Centers for Medicare & Medicaid Services
(CMS) and is part of the Department of
Health and Human Services (HHS)-is
a national health insurance program that
began in 1966 as a solution to providing
health insurance coverage for those 65
and older.
While the program covers several
types of medical costs, it does not
include everything. Additionally, experts
note, retirees are responsible for paying
premiums and deductibles. This could
result in their paying hundreds of dollars
a month just to have the benefit.
" The premiums aren't always zero
dollars, " says John Barkett, senior director
of policy affairs for Willis Towers Watson in
Washington, D.C. " For example, you have
to pay a Medicare Part B premium, which
varies depending on your income but, for
most people, is about $140 a month. "
Employers can educate their
employee base-especially those who are
PLANSPONSOR.COM August - September 2021 31

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PLANSPONSOR - August/September 2021

Table of Contents for the Digital Edition of PLANSPONSOR - August/September 2021

To Ensure All Are Well
2021 PLANSPONSOR National Conference
Equipped for Anything?
The Security of Savings
Take a Load Off
PLANSPONSOR - August/September 2021 - Cover1
PLANSPONSOR - August/September 2021 - Cover2
PLANSPONSOR - August/September 2021 - 1
PLANSPONSOR - August/September 2021 - 2
PLANSPONSOR - August/September 2021 - 3
PLANSPONSOR - August/September 2021 - 4
PLANSPONSOR - August/September 2021 - 5
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PLANSPONSOR - August/September 2021 - To Ensure All Are Well
PLANSPONSOR - August/September 2021 - 17
PLANSPONSOR - August/September 2021 - 18
PLANSPONSOR - August/September 2021 - 19
PLANSPONSOR - August/September 2021 - 2021 PLANSPONSOR National Conference
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PLANSPONSOR - August/September 2021 - Equipped for Anything?
PLANSPONSOR - August/September 2021 - 31
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PLANSPONSOR - August/September 2021 - The Security of Savings
PLANSPONSOR - August/September 2021 - 35
PLANSPONSOR - August/September 2021 - Take a Load Off
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