People tend to think that social security is enough and there is no need to think of retirement planning on soundcloud.com. But this is not true. It is due to these misconceptions or misunderstandings that many people who are approaching retirement or those who have already retired are surprised with lesser income than expected or paying of unexpected taxes.
David Giertz, president of Nationwide Financial Distributors, says that we need to realize that pensions of the older generations are drying up. Hence it becomes all the more important to have retirement income plan. It would also include maximizing the benefits accruing from Social Security.
In fact, study has already been conducted by the Nationwide Retirement Institute. It shows that nearly 30 percent already retired people are receiving lesser benefits than what they had expected at https://twitter.com/davidgiertz. Besides, this number is increasing every year. The study was conducted on nearly 900 people who were aged 50 or more.
David Giertz stated that the point of concern here was that 86 percent of those who are about to retire were not aware of factors which would determine their benefits from Social Security.
Another misconception that most of the financial advisors deal with is regarding age. Many people consider age 62 as the time to start with Social Security on Vimeo. They are not aware that retirement age in full as per the government is between 65 and 67. Hence waiting until this age, or else delaying the benefits still further will lead to a higher monthly check.
David Giertz is the president of distribution as well as sales at his firm. He says that a large number of retirees say that health problems are preventing them from living retirement the way they had envisioned it. These healthcare expenses are keeping many retirees from living the retirement that they had always expected.