Your Earned Benefits and Your Retirement: Examining Social Security with David Giertz

David Giertz is the President of Nationwide’s financial sales and distribution. He has over thirty years of experience, and he has some important advice for retirees and those who will be retiring soon.

In essence, Giertz says that the complexity of the Social Security system makes financial advisors reluctant to discuss it with their clients. But no retirement planning process is complete without taking Social Security into account. Four out of five people would change their advisor if they aren’t talking about Social Security. These investors are intelligent enough to know that Social Security remains an integral component of any retirement. Retirement planners who fail to discuss SSI benefits with their client can leave upwards of $300,000 on the table over the course of 25 years. In addition, Social Security can be upwards of 40% of a retirees income according to one of Giertz’ studies.

Pension plans are rapidly losing relevance in the post-industrial economy. Conglomerates that employ hundreds of thousands of people across the country are slowly phasing pensions out for new hires. For example, GE -the oldest company on the Dow- has over $30 billion worth of unfunded pension liabilities. Traditional pre-retirement investments like bonds are underperforming in a low-interest environment. With that in mind, it is vital that planners and individual investors take full advantage of Social Security benefits. David Giertz has extensively studied SSI benefits as a vehicle for achieving a comfortable retirement.

Many retirees take Social Security benefits immediately at age 62.David Giertz calls this phenomenon the “land grab mentality.” Because the money is in reach, people take it. Little do they know that this will lead to significantly diminished returns over their retirement. And few advisors caution their clients about this, leading to dissatisfaction and deficiency.

David Giertz’ advice on Social Security Benefits and retirement are essential to any upcoming retirees plans for their golden years. Talk to your advisor about your earned benefits so that you and your loved ones can bask in the glory of no longer having to work full time.

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