Social Security accounts for an average of 40% of people’s retirement income, and yet most people don’t know how the complex rules affect the amount you receive. According to David Giertz, the President Nationwide Financial’s sales and distribution organization, “Those that turn on Social Security too early, they could lose up to $300,000 over 25 years.” Financial Advisors should be talking to their clients regarding social security.
In a study conducted by Nationwide Retirement Institute, they divided 900 people over the age of 50 into three categories, future retirees (people planning to retire within 10 years), recent retirees (people retired less than 10 years) and people that have been retired for over 10 years. 86% of the future retirees failed to determine the amount of benefits they would actually receive. The biggest misconception dealt with the age the person chose to begin collecting.
Although benefits are available at the age of 62, you will receive a lower payment if you start collecting before what they consider to be the full retirement age which varies between 65 and 67 depending on your date of birth. If you also choose to continue to work while you collect you could have to pay taxes on that income. Where as any income earned after you reach the full retirement age won’t be held against you.
Many people don’t have the option to wait past 62 to start collecting, either due to lack of savings, or unforeseen health costs or problems. 37% of the retirees in the study confirmed that health problems were the main reason they are not living the retirement that had initially envisioned. If you are able to wait, maximizing your Social Security is one way to help increase your retirement income. In fact, if you are able to wait to take your benefits until your full retirement age they grow by 8 percent of the full retirement amount each year.https://www.moneytips.com/insurance-agents/david-giertz-1
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Investment banking is important for many different organizations from corporations all the way to the government. They help numerous organizations to raise financial capital by acting as the client’s agent and can also help in mergers of different organizations. For example, if a corporation is looking to expand their building, they may need bond financing and it is the banker’s job to make sure that the company obtains the bonds. Bond financing allows the company to get the finances they need while allowing the person paying to be paid back over a period of time and with interest. What attracts many people to investment banking, though, is the ability to play on Wall Street. An investment banker also has the opportunity to help a company become publicly traded and create their initial public offering.
One major player in the investment banking world is Martin Lustgarten. He currently lives in Miami, Florida and is the creator and CEO of Lustgarten Martin, an investment banking firm. His firm is well-known as one of the best firms in the United States. If one is looking for an investment bank to help with mergers, acquisitions, or underwriting, then Lustgarten’s is an excellent choice with an open door policy. Part of the reason that it is so successful is his ability to communicate with his employees and customers. In doing so, he is making sure that his clients and customer service are the company’s number one priority. Even his social media sites are informative on different things with articles that focus on everything from “Ten Secrets of the Apple Store” to “The Best Time to Start Saving for Your Child’s College Education”. When not working with his private company, he enjoys vintage things, education, and juggling.