If you were to ask Americans that are either retired or about to retire how much they know about their social security benefits on Twitter, you would be shocked at the level of ignorance people treat the subject. In fact, in a recently concluded survey, over 86 percent of pensioners do not understand the factors that affect some benefits they will receive upon retirement. David Giertz spoke to the Wall Street Journal about the subject, and he stated that it was critical that financial advisors start talking to their clients about their social security benefits.
He said on CNBC.com that not many people knew that starting to claim benefits earlier affected the amount they were supposed to receive in the long run. For instance, it is legal for people to start claiming social security benefits from the legal retirement age of 62. However, if one starts claiming too early, they will be receiving an average of up to $12,000 less every year which could translate to over $300,000 over a period of 25 years.
Other factors that affect the amount one receives in benefits are inflation, and the amount they used to receive as salary. Not many pensioners know it is possible to qualify for up to three types of benefits at https://vimeo.com/davidgiertz. For the mystery of social security benefits to be demystified, it is important for financial advisors to stop treating the topic as long and tedious.
About David Giertz
With over 30 years of experience in investment banking, David Giertz is one of the most respected leaders in his field. He has been serving as the senior vice president of Nationwide Financial Distribution and Sales at Nationwide Life Insurance Company since 2013. He has also served as the senior vice president of sales at the Nationwide Financial Services, Inc. David Giertz is currently based in Columbus Ohio, the Headquarters of Nationwide Life Insurance.