Is your advisor talking to you about Social Security?

David Giertz, President of Nationwide Financial Sales, highlights some important facts about Social Security. According to a survey he did through the Nationwide Financial Retirement Institute on those who have retired and those who are 10 years before retirement, not enough advisors are speaking to their clients about Social Security. Worse, he adds, four out of five people would change advisors if their advisors did not bring up this crucial topic. Why are advisors avoiding this subject matter?

Giertz explains that the Social Security handbook has a whopping 2,700 rules, which is a lot to consume and understand. Even advisors, he says, may not have the full comprehension of all those rules. But advisors should take an interest in explaining Social Security to their clients. Why? Your Social Security benefits could be up to 40% of a person’s retirement income, which is a big chunk, Giertz says. What Giertz and his team also discovered in the survey is that those who turn on Social Security too early could lose up to $300,000 over 25 years. This translates to $1,000 a month. In order to optimize your retirement income, Giertz emphasizes, understanding that chunk of Social Security is very important.

David L. Giertz is a financial advisor in Columbus, Ohio, with Nationwide Investment Services Corporation. Previously, he was the president of Nationwide Financial’s Sales and Distribution Organization, where he was instrumental in helping to build the division’s profitable revenue.

David Giertz started his professional career as a Financial Services Advisor at Citigroup. He then moved up to Area Director, and finally Executive Vice President of Sales. Giertz is also a Certified Business Coach with the World Association of Business Coaches (WABC). Giertz received his Bachelor of Science (BS) from Millikin University and his Master of Business Administration (MBA) from the University of Miami.