Saving for retirement is one of the most important things that anyone working should do. However, it is not only about putting money aside under a retirement plan, one also needs to know about the receipt of the benefits and the costs associated with it. A research conducted by the Nationwide Retirement Institute showed that most people retired or on the verge of retirement do not fully understand social security. This results in less than expected retirement benefits due to the unknown taxes.
David Giertz was interviewed recently and he emphasized the need for advisers to talk to their clients about social security during retirement. He said that if the research by his institution was anything to go by, an adviser risks losing clients if they do not do so. The research showed that 4 of 5 people would change their adviser if they failed to talk to them about social security. For the client lack of this knowledge may lead to disappointment later in life. David argues that social security may lead to reduction of funds received during retirement up to 40% of the expected value. This may lead to financial strain on the individuals.
David is financial adviser working with Nationwide Investment Services Corporation. He holds the position of Senior Vice President of Nationwide Financial Distribution and Sales since 2013. Before his current position, he worked in other positions in the company. With over 20 years of experience in the financial asset, David is a major asset at Nationwide Investment Company ensuring that clients fully benefit from the services. He is also very concerned about clients and thus feels sorry for the failure of other advisers who do not address the issue of social security. He attributes this failure to the complexity of the rules relating to the social security.