National Social Security Advisors: Can You Trust Them With Your Finances?

Financial planning is a burden that many wince at. Saving for retirement can seem like a giant slog through a rudderless abyss. Setting aside money to fund your future is often a thankless chore. You won't see that cash again for many years, and so it's easy to get complacent with the goal, not fully visualizing what a delay in your retirement savings strategy ultimately means. Compounded interest investments rely primarily on time rather than invested capital to yield returns, and this is especially true for the decades that often stand between workers and their retirement date somewhere out there in the great beyond.

Social Security benefits form a primary means of making retirement work for many. Retiring later provides a boost to your benefits, while an early draw is also possible and can help you fund some essential needs in your early 60s. Social Security benefits feature prominently in estate planning, too, making it a versatile financial resource that's sometimes complex, and yet always worth taking the time to understand.

Even with its value realized, it can be difficult to make sense of when to start taking Social Security benefits. Fortunately, a category of financial advisers exist to help make sense of these questions. National Social Security Advisors (aka NSSAs) are ready to help retirement planners explore their Social Security options in greater depth, but are they trustworthy and knowledgeable enough to navigate the intricacies of modern retirement saving? Here's what you need to know.

National Social Security Advisors are financial planners who have taken time to learn about the intricacies of the Social Security landscape. They've undergone training focused on Social Security programs, benefits, and procedures, and passed a test (earning a score of at least 70%). This grants them a certificate, as well as the ability to advertise the abbreviation NSSA after their name when conducting business and elsewhere. These certified advisers must renew their certificate every two years or take a lifetime certification course (which, as of November 2023, costs $1,000 versus the $395 per two-year session).

These advisers are well-versed in some of the finer details of the Social Security benefits landscape and can help retirees and those nearing retirement finalize their financial plans. However, it's worth noting that even though the name might suggest a national program sponsored by the Social Security Administration standing behind this certification, NSSAs are not financial planners endorsed by the agency or the federal government more broadly. Even so, the NSSA credential is recognized by FINRA (Financial Industry Regulatory Authority), offering these professionals in the financial-planning arena an aura of definitively earned credibility.

Many who give financial advice as a professional craft aren't just investors who have experienced a modicum of success and opted to take their opinions to social media. Rather, these financial planners are professional strategists who consistently strive to improve their knowledge base and remain up to date on the latest rules and regulations of the financial-planning world. Those at the top of this field are often credentialed as certified financial planners, or CFPs.

While a CFP might feel incentivized to earn the NSSA certification, note that those who hold this credential aren't necessarily CFPs, or otherwise certified in the field of personal finance. This means that individuals holding an NSSA certification also don't have to be fiduciaries. The fiduciary duty is a cornerstone feature of the best financial advisers. A fiduciary is duty-bound to uphold your best interests no matter what, even if it directly contradicts their own interests (perhaps especially so). When opting to work with an NSSA, you may be getting a well-rounded financial planner, or you might be working with someone who is more narrowly qualified to provide information and guidance on Social Security matters alone.

Given the biannual requirement to recertify, it might seem as if people who have earned an NSSA certification are hip to the most up-to-date information out there for people on the verge of retirement (or already in it). However, this isn't necessarily the case. As noted earlier, National Social Security Advisors can gain a lifetime certification by paying more money in one lump sum when taking the recertification process. This means you might be working with someone who hasn't had to actually prove their knowledge to a certification board for many years.

Similarly, legislation surrounding the Social Security program changes all the time, and new policy directives can significantly alter the planning phase of a worker's march toward their retirement. For instance, there are frequent talks about changing the age a person reaches full retirement. Currently, it's either 66 or 67, depending on when you were born (after 1960, it's 67). Working with an NSSA can give you some quality advice, but keep in mind that not all individuals who tout this credential will be completely up to date with their knowledge, given the two-year recertification cycle and the ability to get out of this obligation altogether.

This being said, National Social Security Advisors can provide a great starting point for those unsure of where they stand with their Social Security benefits and how this should factor into their larger retirement plan. Not all NSSAs will be capable of providing a comprehensive picture, though. Some will be CFPs with a wealth of knowledge about different investment options, savings strategies, and Social Security advice. Others might only be able to help you better understand how you currently stack up in terms of Social Security benefits and help develop strategies to maximize these checks.

Even with these drawbacks on full display, you can typically trust these kinds of financial advisers with your financial information and strategy for achieving the kind of retirement lifestyle you hope to experience. There may be some areas where an NSSA lacks key knowledge or capabilities, but the reality is that Social Security checks form at least a minor portion of most people's retirement plan. Approximately 97% of Americans aged 60 or older either already receive Social Security benefits or will receive them, replacing as much as half their pre-retirement wages, according to data from the Social Security Administration (published in May 2024). Considering the value of Social Security, speaking with a professional about your plans is typically a great idea, and an NSSA can serve as a first port of call when having these conversations.