Some pensioners lose more than $12,000 in annual payouts of the social security benefits, not because they did not invest well in their retirement but because they do not understand the rules that govern the manner in which the benefits are administered. One person is speaking about the issues that pensioners normally have regarding their advantages and is claiming that a lot more needs to be done to make things easier. David Giertz, the sales, and distribution senior vice president at Nationwide Insurance Company spoke about retirement benefits to the Wall Street Journal.
He stated that one of the leading causes of the widespread ignorance regarding the topic was the fact that the rules which govern the administration of the benefits were too many and tedious to tackle. He was, however, quick to note that clients who have realized that they need to incorporate social security in their savings for retirement dropped an advisor as soon as they realized he was avoiding the topic.
Other factors that affect the amount one will be receiving include how they used to file their tax returns, inflation, and the salary that they used to earn before retirement. All these are factors which need explaining because according to the statistics that had been gathered by the company, more than 86 percent of pensioners may not know what determined the amount that they finally started receiving.
About David Giertz
David is very passionate about investment banking and especially helping the clients come up with an investment portfolio that will help them into their old age and even support their progeny. He has been in the financial industries for the past 31 years and has held various positions in different companies. He has been with Nationwide Insurance as a senior vice president for the last four years and has fueled a lot of growth and success there.