Nationwide Retirement Institute’s recent survey of near-retirees, as well as those in full-retirement, unearthed some very interesting facts. 30% of retirees are receiving a benefit that is less than the amount that they expected. A large part of this feeling of not having a handle on their Social Security benefit level stems from the fact that advisors just aren’t bringing it up.
The professional advisors that are hired by people looking to retire are not discussing one of the most important aspects of retirement with their clients. This news was flabbergasting to David Giertz and he is now becoming one of the top advocates for educating retirees on Social Security benefits before it is too late.
Giertz is the President of Distribution and Sales at the Nationwide Financial Distributors company. This investment services company has served its clients quite well over the years and is always looking to add value to the quality of life of recent retirees. Giertz finds the fact that professional advisors are not discussing what to many retirees represents 40% of their retirement income very disturbing.
The Nationwide study also unearthed data about the confusion surrounding many aspects of retirement and how Social Security benefits fit into the overall scheme of things. Retirees need more good data about how taking early retirement will affect their benefit level. They also need to learn about the facts of waiting until full retirement age as compared to postponing the start of their Social Security benefits until they have maxed out to the highest possible level.
Planning for retirement is a stressful undertaking and it is an endeavor best undertaken with professional advice. Giertz believes that retirement advisors need to do more in order to educate their clients and to give them the strongest foundation possible to meet their needs.