Social Security: Why Financial Advisers Avoid This Topic to Their Determent

David L. Giertz, a financial adviser with Nationwide Investment Services Corporation has some interesting insights as to why financial advisors avoid the Social Security topic. In his interview with Veronica Dagner, columnist for the WSJ Wealth Adviser Giertz reported that many advisers are daunted by the complexity of Social Security rules and regulations. The Social Security Handbook can be very confusing to understand and feel confident enough to explain to clients.

Clients, however, are starting to realize that Social Security plays a big part in retirement planning. There are still many misconceptions in regards to Social Security. The generation that is now retiring or getting ready to retire doesn’t have the pensions that their parents and grandparents had to support them. Health issues, employment gaps and having to take early retirement are all obstacles that many people face. Financial advisers that avoid talking about Social Security will lose clients. The most important piece of information most retirees need to understand is that Social Security won’t replace their income.

David Giertz has over 31 years experience as a financial adviser with Nationwide Investment Services Corporation. His expertise is in retirement planning and wealth management. He is very knowledgeable about how Social Security can affect retirement savings.

It is important according to Giertz that people consult with a financial adviser before making any financial decisions. Clients stand to lose upward to $1,000 or more by filing for Social Security too early. Each individual has different needs. As president of Nationwide Financial Distributors with Nationwide Investment Services Corporation, Giertz has a unique understanding of the whole process of retirement planning.

Clients do need to know about Social Security and its impacts on retirement savings. It could be quite significant when you figure out reductions for taking Social Security early and the impacts on your taxes. Financial advisers do a disserve to their clients if they don’t discuss the ramifications that could potentially happen with their retirement.

Retirement planning definitely needs to include Social Security benefits. A clear understanding of how Social Security works is essential to anyone who is planning to retire within the next 10 years.

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