A recent study conducted among people who have reached retirement age showed that more than a third of them are receiving a smaller amount than what they expected in social security benefits on about.me. Even more worrying is the fact that 86 percent of the total sample of the population questioned did not have any idea about the factors that determine the amount they receive as social security. David Giertz, one of the most respected financial advisors and the senior vice president of the Nationwide Financial Distributors, states that it is critical for advisors to speak to their clients about their social security benefits.
When asked why advisors were not talking to their customers about social security at https://soundcloud.com/davidgiertz, he stated that it is a very complex topic to tackle. One of the major issues that advisors have is that 2700 rules govern the way social security is administered and this might feel a little tedious for some customers.
However, he noted on moneytips.com that according to their research, 4 out of 5 of the clients interviewed said they would change their advisor if he were not talking to them about social security benefits.
The other thing that David Giertz noted is that people start cashing in on their benefits too early which lead to losses of close to $300,000 over a period of 25 years, which translates to about $12,000 each year.
About David Giertz
David Giertz is the current Senior Vice President of the Nationwide Financial Distributors. He has been in the industry for 31 years and had a lot of experience in the field. David has been the senior vice president at this company for the past four years. Before the current appointment, he worked as a president, senior vice president and director to other nationwide companies. Giertz was also the Vice President-NF sales at Bank Channel between 2005 and 2009. He operates from Columbus Ohio.