David Giertz Advises Pre-Retirees to Talk to their Financial Advisors About Social Security

David Giertz found that many wealth advisors are not talking to their clients about how Social Security will affect their retirement. He found that the most probable reason for this omission is the 2700 Social Security rules in the Handbook. Still, Social Security must be discussed because it adds up to about 40% of most people’s retirement monies.

David Giertz also noted that the timing when a retiree starts receiving benefits should be a major part of the discussion with a wealth or financial advisor. If you start receiving benefits too early, you, the retiree could forfeit as much as $300,000 over the benefit receiving period. So starting the Social Security payout period at the right point could result in the retiree receiving $1000 less per month over a period of 25 years.

David Giertz is President of Nationwide Financial Distributors at Nationwide Financial. The Nationwide Financial Institute did a survey of people in retirement and those having ten years before retirement. What they found was very disturbing. Many advisors do not discuss Social Security disbursements with their clients. This could be a major portion of the retirement monies for an individual or a couple, so it is an essential element of the after work years planning process.

Giertz has 30 years experience working in financial services. He started his advising career at Citigroup and moved to Nationwide in 1999. At Nationwide, he has grown the business from $11 billion to 17.8 billion. He made these changes by growing different sectors of the business: private-sector retirement plans, mutual funds through banks, life insurance, specialty markets, annuities, RIAs, IMOs and wire houses.

As the successful President of Nationwide Financial Distributors, Giertz is now spreading the word about the failings of so many financial advisors. Leaving Social Security planning out of the conversation with their clients means they are doing a serious disservice to their clients. Forty percent of anyone’s total financial picture is huge. Most people work for at least 35 to 40 years before retiring. All the money they paid into Social Security amounts to a large sum of money, but not understanding the most profitable way to access those monies could result in a huge loss. David Giertz advises clients to find wealth advisors who understand Social Security and can advise them about the best ways to begin drawing those benefits.

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