Most retirees will be dependant on social security as a main source of income. However, many financial advisors fail to help their clients realize the challenges that will come with living on a fixed income. Finacial advisor David Giertz, President of Nationwide Financial’s sales and distribution organization, recently spoke to the Wall Street Journal regarding how retirees can prepare for life on Social Security.
In the video interview, Mr. Giertz said that most financial advisors avoid talking to their clients about social security because of the sheer complexity of the social security rules. Mr. Giertz mentioned that there over 2,700 rules in the social security handbook alone. And he warned that 4 out of 5 clients said that they would switch advisors if the advisor did not thoroughly understand the rules surrounding social security.
Mr. Giertz mentioned that social security could equal 40% of a retiree’s income. And that retirees could lose up to $300,000 of their benefits if they turn on their social security benefits too early. With that in mind, Mr. Gietz suggested that financial advisors educate themselves on the social security system.
David Giertz is one of the premier financial advisors in the United States. As the President of Nationwide Financial’s sales and distribution organization, Mr. Giertz has seen the company grow from $11 billion to $17 billion in profitable revenue.
Mr. Giertz began his financial career at Citigroup where he started as a Financial Services Advisor. He was later promoted to Area Director and eventually rose to the title of Executive Vice President of Sales. As more and more people head towards retirement, David Giertz and Nationwide Financial will rise to the challenge and help their clients gain the income they need to enjoy their retirement.