David Giertz Weighs In On Social Security PlanningApril 20, 2017 - Author: steph
David Giertz recently had a televised interview about how financial advisors should not avoid talking about Social Security pensions. Dave’s company conducted a survey about people’s opinions on financial advisors. Many people who are near retirement would consider leaving the financial advisor if they were not well versed in Social Security retirement. People that choose to take Social Security too early may be losing hundreds of thousands of dollar during their retirement years.
Dave had also contributed his input on Social Security in a recent CNBC article. He believes that government pensions are drying up, so current retirees will need to maximize their benefits. Those that are confused with the Social Security system may end up with more taxes and less income.
The Nationwide Retirement Institute has shown that 30 percent of pensioners are receiving checks that are less than expected. 86 percent of future retirees also failed to know the requirements that go into determining the monthly check amount on LinkedIn.
Many of the people that have the option of retiring early at 62 take the opportunity foolishly. It should be considered a trap that greatly reduces benefits in the long term at https://twitter.com/davidgiertz. The government considers 65 to 67 to be the true retirement ages. The option at 62 is meant for emergencies of those direly ill. Early retirees may take a hit of up to 25 percent less in monthly checks.
Social security was not meant to be the only mean of retirement, so everybody should start planning on their own. Taking a check at a later age may result up to an additional 8 percent in additional gains per year.
David Giertz is the Senior Vice President of Nationwide Financial Distribution. He also serves executive positions for other Nationwide companies like Nationwide Life Insurance Company. He currently operates out of Columbus, OH.
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