David Giertz On Social Security And Retirement Planning

When it comes to financial advisors, David Giertz is considered one of the best in the business. As president of Nationwide Financial’s sales and distribution organization, Mr. Giertz has seen the company grow from $11 billion to $17 billion since 2013. Prior to this, he worked as a financial advisor at Citigroup, eventually becoming Executive Vice President of Sales.

With 31 years of experience and four exams under his belt, he is definitely an authority in this field. He is also a FINRA-certified broker. He holds an Executive MBA from the University of Miami, and a Bachelor of Science degree from Milliken University. On top of all that, he is also a respected business coach who advises people all over the world.

This is why, when he gives a piece of financial advice, people tend to listen. And lately, he is saying a lot about the importance of Social Security to a good retirement plan.

In a video interview with The Wall Street Journal, Mr. Giertz emphasizes the need for financial advisors to focus more upon the subject, saying that most advisors today are not doing enough to inform people about the way that the Social Security system works.

David Giertz told columnist Veronica Dagher that Nationwide’s financial retirement institute had conducted a survey among consumers who were either retired or near retirement. The study, he explained, found that the majority of financial advisors were neglecting this particular subject. The survey also found that a client was more likely to seek out a different advisor if their current advisor was not addressing the Social Security issue.

When asked why advisors were avoiding this subject, Mr. Giertz pointed out that the Social Security system has over 2700 rules, and represents an extensive and complex area of study. He implied that many advisors simply didn’t feel confident working around all those rules. Nevertheless, he tells his colleagues not to neglect this issue, as Social Security benefits can often represent up to 40% of a person’s income upon retirement. He said that the study also showed something else: that a person can lose as much as 300,000 dollars in Social Security over 25 years, if they file for it too early.

The bottom line is that, if your financial advisor is not keeping you well-informed about your Social Security, you might want to consider finding someone who is better able to navigate smoothly through the ocean of regulations that is the Social Security system.

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