Financial Planners: Keep A Closer Eye on Social Security or Else
Retirees are missing out on a big chunk of their retirement planning process – maximizing Social Security. In this Wall Street Journal interview, David Giertz describes the results of a survey by the Nationwide Retirement Institute of retired consumers and those ten years away from retiring.
For the majority of retirees, Social Security is 40% of their retirement income on about.me. Any change can have a substantial impact to the benefit or detriment of the consumer. For example, retiring too early can cost a retiree $1000 per month in lost Social Security benefits. That comes to $12,000 in one year or $300,000 over 25 years at http://facebook.com/david.giertz2.
However, few financial planners are advising their clients how best to get the most out of Social Security before and after retirement. Mr. Giertz states that this is due to the complexity of Social Security regulations which has some 2,700 rules. Planners need to make certain that their client’s retirement portfolio includes adequate Social Security planning on linkedin.com. Survey respondents indicated that 3 out 4 of them will seek another financial planner should they believe Social Security planning is poor.
David Giertz assumed the position of Senior Vice President of Sales and Distribution at Nationwide Financial in 2013. Prior to that, he was Vice President of Sales. Mr. Giertz has been with Nationwide Financial since 1999.
Mr. Giertz is a financial advisor with over 31 years of experience. Previously, Mr. Giertz held positions at Citicorp, Financial Horizons Securities, Mony Securities and ISFA. He is based in Dublin, Ohio.