David Giertz is the President of Nationwide Financial Distributors. He is looking at distribution and sales here. Giertz says that today it has become very important to have a retirement income plan. And this should include maximizing of the Social Security benefits too.
There have been studies that have been conducted by the Nationwide Retirement Institute. Their findings according to yolasite.com reflect upon a number of misunderstandings that people have regarding Social Security benefits. This has led to nearly 30 percent of retirees getting a lesser benefit than what they had expected. A worse finding is that the number of such people, who are receiving lesser social security benefits than expected, is increasing year by year.
It is important to identify the factors that will help to determine the amount of Social Security benefits accurately. This is where the financial advisors can play a key role.
David Giertz suggests that these financial advisors must focus on removing the biggest misconceptions about Social Security. These are with regard to the age of the retirees.
Just reaching age 62 and becoming eligible for taking Social Security does not mean that people should start doing that. This is because that leads to getting the smallest monthly checks.
Social Security has to be considered as an assist in retirement planning on Angel.co. It cannot be considered as a means to fund it entirely. This is why a complete retirement plan is required.
The financial advisors at https://www.moneytips.com/insurance-agents/david-giertz-1 must explain to the retirees how their monthly checks can grow if they can wait for a few years before availing Social Security benefits. Once they are able to understand this, they can do their planning in a better way and decide when they should apply for Social Security in order to maximize benefits. Also, taxation is an area that needs to be explained too.