Retirees Often Mistakenly Begin Social Security Benefits Early

A new study of retirees by Nationwide Financial has found that they often lack the financial advice to make the right decisions about when to begin their social security benefits noted on moneytips.com. It found that most did not get advice on the topic from their financial advisors. This was despite the fact that nearly four out of five said they would consider switching to another retirement planner if their current advisor didn’t include social security in their planning.

The Wall Street Journal interviewed David Giertz about the results of the study. Giertz is a senior vice president at Nationwide. He said that the likely cause of this shortfall in financial advisor planning was the difficulty of fully comprehending the legalities of social security. The social security guidelines include 2700 rules. Therefore, financial planners have been reluctant to include this kind of advice.

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Despite this, David Giertz argued that it was imperative that financial advisors stay on top of social security for their clients. This is because beginning social security benefits sooner than full retirement can cause a significant loss in income of up to $300,000 over a 25-year period. For many retirees, social security payments can be up to 40% of their total retirement income on about.me.

David Giertz has been Senior Vice President of Nationwide Financial Distribution and Sales at Nationwide Life Insurance since 2013 and has over 30 years of experience in financial planning at https://soundcloud.com/davidgiertz. His previous positions at Nationwide include President of Financial Institutions-Distributors Channel and President of Financial Institutions-Wirehouse Distribution Channel. He earned his MBA at University of Miami’s School of Business.