David Giertz is warning that if you are a financial advisor, you need to talk with your clients about social security. Otherwise, they will not be ready for retirement, and they may also leave you as a client.
He says that there are a lot of things that go into social security planning. For example, there is the age factor. Although you can start taking social security when you are sixty two years old, it is not always a good idea to do so. That is because you can lose out on future payments.
David Giertz explains that if you wait a little until you start taking your social security benefits, you can get an increased paycheck once you do start taking them. Many people are simply unaware of how much more money they will get each month. The answer is that at some times, they can lose up to twenty five percent or more. This means that instead of getting one thousand dollars a month, you will only get seven hundred and fifty dollars a month. Each year that you wait after your full retirement age, your paycheck will grow by eight percent. This means that if your retirement age is sixty six and you would have got one thousand dollars a month, you will now get thirteen hundred and twenty dollars. If you would have taken your social security benefits when you were only at sixty two years of age, you would be getting seven hundred and fifty dollars a month, which is a great deduction.
There are some other things you need to explain to your clients. For example, not everyone knows that depending on your situation, social security benefits may be taxed.
David Giertz says that some advisors are reluctant to speak about social security because there are so many rules, but he says that doing so is a must.
David Giertz is the President, Vice President, and Director of several Nationwide Financial companies.
David Giertz is a financial expert who has years of experience in the financial market.
Find out more about David Giertz: https://patch.com/ohio/cincinnati/learning-meaningful-retirement-planning-industry-expert-david-giertz