Principal Funds Offers Social Security Guidance

Principal Funds, the mutual fund arm of the Principal Financial Group, has created resources to help financial professionals guide clients through their Social Security benefits.  

The resources are intended to “demystify” Social Security benefits. Principal Funds suggest individuals take three steps, which should be taken along with an adviser:

  1. know your benefit,
  2. understand your options, and
  3. determine a plan to maximize your benefit.

“Understanding the complexities of Social Security is not an easy task,” said Chad Terry, director of retirement solutions at Principal Funds. “Many retirees may be missing out on hundreds of dollars each month because they’ve been unable to navigate the intricacies of the Social Security.”

Resources include:

  • A Web site dedicated to assisting financial professionals as they help their clients make important Social Security decisions. The continually updated site includes videos, a blog written by Terry, a benefits calculator and other tools
  • A paper for financial professionals titled, “What You May Not Know About Social Security Benefits”
  • Investor guide with a step-by-step process to help clients get the most from Social Security, including a planning worksheet for clients to complete prior to an appointment with a financial professional
  • FAQ that explains key Social Security concepts such as Full Retirement Age, spousal benefits and the calculations used to determine benefit reductions
  • Access to a team of retirement specialists ready to answer financial professionals’ questions about the complexities of Social Security