David Giertz Advises Financial Advisers to Include Social Security

When the average person, even relatively high-income people, think about retirement and how they will live during that period of their lives, they automatically think of Social Security.

However, according to David Giertz, President of Nationwide Financial Distributors, most financial advisors are not discussing the program with their clients. He spoke about this when interviewed by the Wall Street Journal’s Veronica Dagher, a columnist for the WSJ Wealth Adviser.

According to a survey his company did, four out of five people said they would change financial advisers if their advisers did not include Social Security.

However, according to the survey results, most advisers did not include the topic of Social Security at

Although many people also receive or will receive retirement pensions and many people have retirement savings accounts of various kinds, Social Security is still the broadest based financial support for people who have retired.

During the interview, David Giertz points out that it can provide up to 40% of somebody’s finances during their retirement years.

He does agree the program is complex. The Social Security Handbook has 2,700 rules on Vimeo. That’s a lot for financial advisers to digest and absorb. Therefore, advisers don’t feel confident they understand all the rules enough to advise clients concerning when to file for benefits.

However, it’s important because people who apply for early Social Security retirement benefits — which they can do from age 62 through their full retirement age — could lose up to $300,000 total over the next 25 years.

In his article published by LinkedIn, Giertz pointed out that 83% of retirees filed for early Social Security. They get up to 49% less than those who file late. Therefore, if someone can possibly wait, it’s to their longterm financial benefit to do so.

David Giertz has 31 years of experienced in the financial industry and advice industry. And he lives in the Columbus Ohio area

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