David Giertz Raises Alarm over Millennial Reluctance to Save For Retirement

David Giertz has more than 30 years advising companies and individual clients on financial matters. He is a broker, registered with FINRA. He has featured in financial matters in media interviews and has been one of the longest-serving Nationwide Investment Services Corporation staff. He is currently, the serving Senior Vice president of the Nationwide Financial Distribution and Sales working with the carrier insurance company. He is also a keen follower of the developing trends on the internet and business among the younger generation. Mr. Giertz observes that millennials aren’t ready for retirement.

Not Prepared

According to the experienced financial adviser, the larger number of millennials do not prepare for retirement. It is a dark truth that the world has to face. From his experience, and having worked with financial companies dealing with savings for retirement, he quips that he can authoritatively say that most Americans, presently, do not save enough to take them through the retirement years, at least, not comfortably. The situation, he says, is worse for those who retire before the ordinary retirement years and live longer than the average. In a statement that may even be more shocking, Mr. Giertz observes that available data shows that some of the Americans retire with savings that can hardly sustain them for 5 years.

Spending the Savings Early

Mr. David Giertz also observes that a lot of people who are just about to retire are already drawing their income from Social Security savings way before they even retire. The effect of such a trend is that the government will be overstretched and won’t be able to payout reasonable amounts to those retiring in future. In fact, the amount paid to the early retirees is significantly reduced.

Free Financial Advice from Mr. David Giertz

According to the shrewd financial advice consultant, it is always best to start saving for retirement early. The cumulative payments will help you lead a respectable life even when you are not economically active and productive. He mentions that it becomes much harder to save money for retirement when one is nearing the retirement age. He further advises that it is a great idea to keep in mind the IRA and Roth limits for contributions. The employer facilitated retirement savings scheme helps employees to stay faithful and committed to the importance of saving for retirement. The scheme is designed in such a way that once an individual hits a set target for a given time frame, they continue earning their full paycheck without deductions for remaining calendar year until the following year.