Shocking statistics were revealed after a study was conducted about pensioners and what they know about their social security benefits. More than a third of the population that was sampled and interviewed on angel.co was shocked that they were receiving less than they expected. Even more worrying is the fact that 86 percent of the people interviewed admitted that they did not know the factors that had been used to determine what they were receiving as social security benefits. David Giertz, the senior vice president of nationwide financial distribution and sales at Nationwide Life Insurance Company, states that it is vital to talk to clients about their social security benefits.
In an interview with the Wall Street Journal, David Giertz indicated that most financial advisors were not giving their customers enough information about their social security benefits. Advisors shy away from the topic because it is broad and time-consuming, but 4 out of 5 customers said they would drop an advisor immediately if they discovered that they were avoiding the subject.
There are a few factors that he explained as being reasons behind pensioners getting fewer benefits. First was the tendency by some people to start claiming benefits as soon as they qualified on Instagram. He stated that even though the legal retirement age was 62, waiting till one needed the benefits could help them get up to $12,000 more in benefits each year.
About David Giertz
David Giertz has been the senior vice president-Nationwide Distribution and Sales at the Nationwide Life Insurance Company since 2013. He has 31 years of experience in investment banking as an advisor and has served in many other similar positions including his tenure as the Vice President –NF sales at Bank Channel between 2004 and 2009. David is a FINRA certified broker. He operates from the headquarters of Nationwide Insurance Company in Columbus Ohio.
Learn more about David Giertz: https://twitter.com/davidgiertz