Little Known Factors That Can Shortchange Your Retirement

Preparing for retirement involves much more than applying for Social Security benefits at age 62. It requires potential retirees to engage in purposeful financial planning long before the anticipated retirement takes place. Nationwide Retirement Institute conducted a study of retirees 50+ years. About 900 participants completed the survey and were categorized according to where they were on the retirement spectrum. The first category consisted of participants planning to retire within 10 years, the next category represented those who had been retired for less than 10 years, and the last category included those who had been retired for at least 10 years.

The results of the study revealed that participants have several misconceptions and/or misunderstandings related to Social Security benefits and other retirement-related issues. Participants failed to accurately identify the factors that determine the amount of and taxability of their Social Security benefits. Some did not realize that Social Security is not a retirement plan but is designed to supplement other types of retirement income (pensions, savings, or investment income, etc.). There several factors that can influence Social Security benefits that are not widely known to current and future retirees.

Financial experts indicate that the aforementioned types of issues arise as a result of poor planning and/or misunderstanding the dynamics that influence retirement income and Social Security benefits. Consulting with an experienced and knowledgeable financial investment and planning expert like David Giertz can help potential and existing retirees at every stage of retirement to create and maximize their financial portfolio.

David Giertz, a former leadership executive of Nationwide Financial is an industry professional with decades of success as a wholesale strategist and distributor of a wide range of financial products and services. During his extensive tenure in the financial industry, he has innovated progressive tactics that promote growth and profitability for financial entities and individuals alike.

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