David Giertz, the head of Nationwide Financial’s sales organization, recently sat down with Wall Street Journal’s Wealth Advisor to talk about how financial advisors are not talking with their clients about the place of social security in their retirement plan. According to Giertz, helping clients with their social security needs is essential as clients might seek out other advisors with more expertise on the subject.
Giertz added that one reason that a financial consultant’s inattention to social security could be catastrophic is timing. Signing up for social security too soon could cost a retiree up to a $1000 per month in benefits over the long-term on Ideamensch. On the other hand, individuals who decide to put off receiving benefits will see their eventual benefit amount grow by approximately 8% per year.
As David Giertz points out, too many people think they can require at the minimum age. But the minimum age is just that, a minimum, and those who take this approach will have their benefits slashed substantially, perhaps as much as 25%. For many people, waiting can mean a significant increase in benefits, which can be life-saving as one of Nationwide’s surveys found that many end up with health issues sooner than they thought they would encounter them.
David Giertz is President of Sales for Nationwide Financial. Based in Dublin, Ohio, Giertz has over 30 years of experience in the field and holds four licenses and certifications. He knows the importance of staying current and has a keen interest in retirement planning, mutual funds, and financial markets.
Giertz holds a degree in Business from Millikin University and an MBA from the University of Miami. After earning his MBA, he was recruited by Nationwide to head up their distributors channel. He is a licensed registered representative and is also certified as an industry arbitrator with FINRA at http://www.bloomberg.com/research/stocks/private/person.asp?personId=232405062&privcapId=3611386.