Is this a mistake or typo or something else by Fidelity?

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livesoft
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Is this a mistake or typo or something else by Fidelity?

Post by livesoft » Thu May 24, 2018 9:15 pm

I didn't think my spouse read any of the drivel sent to us from Fidelity, but a glaring mistake has her ranting to me now. The Fidelity weekly blurb is about Social Security myths.

https://www.fidelity.com/viewpoints/ret ... rity-myths

Image

(highlighting is mine)

But thanks to Fidelity at least I know my spouse is thinking about her future SS benefits.
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Silk McCue
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Re: Is this a mistake or typo or something else by Fidelity?

Post by Silk McCue » Thu May 24, 2018 9:37 pm

They blew it but they did get it right the first two times in the article. Drop them a line, I bet they will fix it.

I helped Laura Saunders make a correction in a Wall Street Journal article about the new tax law in December. She was appreciative.

Cheers

jbranx
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Re: Is this a mistake or typo or something else by Fidelity?

Post by jbranx » Thu May 24, 2018 9:44 pm

Maybe an evil scheme by the Johnson's to make customers think SS is going to be so generous that they can safely buy a lot more Fido mutual funds! Hope this careless finger is not one they allow to enter orders for the portfolio managers. Actually, Fido has a team of editors who put together all their reports, and I don't catch that many errors like this. The level of advice/information is, however, far less intelligent/useful than the BH Forum.

I used to admire the copy editing at the WSJ, NYT, and, especially, the Economist; hardly ever a typo or millions for billions etc. Pretty common to catch a few today. Unfortunately, the "second pair of eyes" and "everyone needs an editor" mantras have succumbed to cost cutting. Fido just did a round of layoffs, but not sure which units got hit.

livesoft
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Re: Is this a mistake or typo or something else by Fidelity?

Post by livesoft » Thu May 24, 2018 9:46 pm

The date on this says May 9, so it might have already been around a couple of weeks with no correction.
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EyeYield
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Re: Is this a mistake or typo or something else by Fidelity?

Post by EyeYield » Thu May 24, 2018 10:12 pm

They lead off with that claim on the second bullet point on that same May 9th page, using slightly different language.
“Waiting to claim Social Security until after your FRA comes with a hefty bonus: 8% additional monthly income per each year you wait.”
That would be factual if the word “monthly” were deleted.

I’m 5 months past FRA and I can assure you my benefits are not going up 8% per month, but maybe I can tell Fidelity that I waited due to their guidance and expect them to make up the difference. :moneybag

Fidelity is starting to grind my gears lately - in other ways, but that’s another topic.
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celia
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Re: Is this a mistake or typo or something else by Fidelity?

Post by celia » Thu May 24, 2018 11:18 pm

I wouldn't say it is inaccurate so much as awkwardly worded. It is the same concept as stated two times previously:

The second check mark at the top says:
Waiting to claim Social Security until after your full retirement age (FRA) comes with a bonus: 8% additional monthly income per each year you wait.
Myth #1 includes the sentence:
Waiting to claim Social Security until after your FRA comes with a hefty bonus: 8% additional monthly income per each year you wait.
Myth #2 has the awkward sentence that is trying to say that the yearly amount increases 8% a year (after FRA), which implies the monthly benefit (which is 1/12 the yearly benefit) is 8% more than the monthly benefit a year previously. But Myth #2 is also about starting SS early. So even if you suspend benefits at FRA, you are getting 8% more each year on a lower benefit (since you started earlier)!


The part that I think is "misleading" is that silly photo at the top where the majority of the seniors look like they are carrying a backpack! Livesoft, what do you say about that? They must be hiking to DC to demand better benefits!

Spirit Rider
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Re: Is this a mistake or typo or something else by Fidelity?

Post by Spirit Rider » Fri May 25, 2018 9:47 am

Context is everything. The first sentence is also poorly worded, because it is dependent on context.

"There is no bumping up income once you've claimed your Social Security retirement benefit."

Is only true is you are solely talking about delayed retirement credits. You can certainly "bump up" your SS benefit if you are still working after you have claimed your benefit and you do not have 35 years of SS earnings or replace an existing year with a higher wage index adjusted year. You will increase your AIME, your PIA and thus your benefit.

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