As people begin to age, they wonder what the best option for them will be when it comes to retiring. For many, Social Security will become a big part of their financial future. David Geirtz, a leader in the financial industry, is very focused on the future of retirees. He explains that pensions, once a major source of income for many retirees, are starting to dry up. This means that Social Security will become more important than ever if retirees do not plan accordingly. This is detrimental because Social Security was never intended to be a sole source of income for this population, but the growing dependence on it signifies a disturbing trend when it comes to retirement planning.
This matters to David Giertz for a variety of reasons. Not only is he the former President of Nationwide Financial Distributors inc., but he has a special interest in budgeting and financial planning. From the very beginning, Giertz has served in roles that only bolstered his knowledge in these areas. At one point in his career, Giertz was even responsible for expanding the revenue for Financial Institutions Bank Channel from $1.5 billion to $8 Billion. It is safe to say that he knows exactly what he is doing when it comes to financial planning.
Geirtz’s main concern is that about 37% of retirees are not able to live a retirement that they want. They are suffering from health problems and a very low income on top of that. Some need to take Social Security benefits at 62, instead of a later age. This severely limits benefits, and they are completely losing the option to grow those benefits by waiting until 70. In fact, in the recent article, “These Big Mistakes Will Result in Smaller Social Security Checks” on CNBC.com the author explains that this is a very big mistake and covers many of these points comprehensively. Clearly, retirees need more help with planning so that they can have a retirement they deserve.