During retirement planning, it is advisable to comprehend Social Security. Poor understanding of the plan can result in many mistakes that may see an individual receive less income after retirement or being subjected to unexpected taxes. According to David Giertz, it is crucial that individuals create retirement plans that help to maximize their Social Security benefits. David is Nationwide Financial Distributors’ president in charge of distribution and sales.
One of the common mistakes made by retirees is starting to take Social Security at the age of 62. Although one is allowed to take social security at this age, it will drastically reduce his or her monthly checks on LinkedIn. For instance, if one expected to receive $1000 when they retire at 66 years, the amount will reduce to $750, a staggering 25 percent reduction in one’s monthly checks.
Notably, taking one’s benefit beyond the retirement age will see the size of the checks improve. According to statistics from the Social Security, each year of the delayed taking of the benefits increases one’s monthly checks by 8 percent at https://www.crunchbase.com/person/david-giertz. This means that if individuals wait until they are 70 years old, they will be able to earn 32 percent more. This increase can substantially transform one’s retirement lifestyle.
Most people do not know that Social Security is taxed. Some thresholds have been set, and the maximum taxable amount is usually less than 85 percent of one’s benefits. Individuals who take their social security before full retirement age are taxed $1 for every $2 they earn above $15,720. After reaching full retirement age, taxation of the benefits stops. Thereafter, there is no limit on how much one can earn.
David Giertz is an experienced financial services expert. The executive is known for his excellent strategies that have helped in growing the company. In his current position, he has helped to increase the company’s revenues from $11 billion to $17.8 billion. In addition, David has been involved in the distribution of the company’s annuities, life insurance, specialty markets, and mutual funds.
Before joining Nationwide Financial, the Dublin-born financial expert worked for Citigroup. At the firm, David Giertz started working as a financial services advisor before being promoted to serve as the area director. Eventually, he was promoted to work as the executive vice president of sales. Previously, Giertz sat on Millikin University’s board of trustees as the chair. David is an alumnus of the University of Miami and Millikin University.