Social Security is one of the most critical aspects of one’s retirement. In fact, more and more people are dependent on the income from their social security benefits. However, financial expert David Giertz explains that most financial advisors are not talking to their clients about social security. And this oversight could cost retirees hundreds of thousands of dollars of payments down the line.
In a recent video interview from the Wall Street Journal, Mr. Giertz lays out that some frightening facts about social security from the advisor’s perspective. He mentions that most financial advisors do not talk about social security because of the complexity of the subject. In fact, Mr. Giertz mentions that the social security handbook has over 2700 rules. Additionally, Mr. Giertz mentions that four out of five consumers would switch advisors if they did not speak to them about social security.
Later in the interview, Mr. Giertz lays out some advice for future social security recipients. Particularly, Mr. Giertz strongly advises against early enrollment in social security benefits. The financial expert says that this option could cost a recipient over $300,000 over the course of their lifetime. Since social security can make up 40% of a recipient’s income, it is important that advisors do not overlook the subject when speaking to their clients.
With over 30 years in the financial industry, David Giertz is one of the most qualified experts on the subject of insurance, social security, and consumer financial services. Mr. Giertz’s career began as a financial services advisor for Citigroup. During his time at Citigroup, Mr. Giertz was promoted to Area Director and finally to Executive Vice President of Sales.
Later on in his career, Mr. Giertz became the President of Nationwide’s Sales and Distribution Organization. During his time as President, Mr. Giertz was able to raise revenue from $11 billion dollars to $17.8 billion dollars. Today, Mr. Giertz is considered one of the foremost authority on consumer financial products.