The Financial Plan. Social Security and David Giertz

David Giertz is a financial planner and advisor for Nationwide Insurance. He has over three decades of experience helping people plan their financial futures. He works in Dublin, Ohio.

David Giertz is also the President of Nationwide Financial Distributors. He has also served as President and Director of many other Nationwide branches. He is 53 years old.

In an interview with the Wall Street Journal, Giertz worries about the fact that advisers don’t speak to their clients about Social Security. According to a survey, most financial experts avoid the topic of Social Security because there are so many rules attached to it. Giertz says that the Social Security Handbook has over two thousand rules in it and is a very complex topic for advisers to tackle. Financial advisers need to take an interest in the topic because up to forty percent of retirees income could come from Social Security alone.

Along with the financial advisers’ concerns, there are some misconceptions that people have about Social Security. THe main one deals with age. Even though a person can qualify for benefits at the age of sixty-two, full benefits come into effect when the retiree turns sixty-five to sixty-seven years old. Another problem people have is tapping into Social Security too early. According to Giertz, retirees could lose up one thousand dollars a month, or up to twelve thousand dollars a year. That could be a big part of a retirees income. Just because a person can qualify for benefits doesn’t mean that they should be taken out then and there. Patience is the name of the game.

The best thing for a soon to be or current retiree to do is to speak up about Social Security with their adviser. Taking action now could reap many financial rewards later.

 

Read more about David Giertz:

https://www.crunchbase.com/person/david-giertz

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