Nationwide insurance did a survey online with a focus on people who were recently retired and those who are within ten years of retirement. What nationwide discovered was that most people’s advisors were not discussing retirement social security options with their clients. Another noted factor was that four out of five people said they would consider changing financial advisors if their advisor did not discuss social security with them.
Senior VP of Nationwide Insurance David Giertz sat for a interview and explained that the social security hand book has over 2700 rules and many advisors are not comfortable discussing social security with their clients. It is very complex to understand and a lot to take in and remember this causes some insecurity for advisors when attempting to discuss it with their clients. David Giertz has over thirty one years of experience with financial advising and feels advisors need to take an interest in discussing social security with their clients because many clients use social security as their income and advisors need to plan all income for the retirement planning process. Social security can be up to 40% of a person’s retirement income which is a major factor when assessing planning needs. Financial specialists also need to discuss with their clients the concerns of utilizing social security to early. If someone about to retire turns on their social security income to soon they could end up losing up to $300,000 during their retirement years.
David Giertz is the senior vice president of Nationwide Financial Distribution and Sales at Nationwide Life Insurance Company. David has been a part of the Nationwide team since April of 2013. Mr Giertz is also the President, Senior VP and Director at several other Nationwide companies. He has over three decades of advisory experience.