Many employed individuals look forward to retirement. Almost everyone who is aware of retirement spends their whole lives saving up to manage to live comfortably and maintain the life they have grown accustomed to once they come out of the consistent monthly paycheck. Planning for this period in one’s life is critical, and the government knows as much, and that is the whole concept of the social security fund.
According to David Giertz though, financial advisors are failing to advise their clients on how the social security program works and what it entails, and because of this, people do not know how to plan well and get the maximum benefit of their retirement savings.
David Giertz is the president of Nationwide financials sales and distribution organization and has grown the company to $17B in profitable revenue. Giertz has served in the financial service industry for over three decades in top management ranks.
David has worked for other Nationwide companies in the capacity of president, senior vice president, and director.
A survey carried out by Nationwide retirement Institute on retired individuals, and those who are almost in the retirement age bracket showed that majority of the respondents reported that their financial advisors did not educate them on social security matters. 30% of the already retired people received less than they expected from their social security and 86% of future retirees did not know the factors that determine their social security benefits.
Giertz attributed the failure on the part of the financial advisors to the fact that they did not comprehend the rules and complexities of the social security program, but this should not serve as an excuse not to inform the public and clients of the program. Four out of every five individuals, according to the research, said that they would switch to advisors who discussed with them social security and the retirement plan.