The life insurance and financial planning industry is very important when it comes to ensuring people are financially prepared for the future. One of the leading professionals in the industry is David Giertz, who is currently the SVP of Nationwide Life Insurance Company, specifically in the Nationwide Financial Distribution and Sales division.
Giertz has dedicated the majority of his career to selling products and consulting services to those that are in need with financial planning assistance. Giertz has also gone on record several times, through a number of different interviews, discussing the state of the social security system in the United States. This includes a recent interview with the Wall Street Journal.
While being interviewed by the Wall Street Journal, David Giertz gave a number of candid opinions about the social security system in the United States. He stated that the system was initially formed with good intentions, but it is currently headed toward financial failure without some major change. Currently, the system on cnbc.com is expected to last no more than 25 more years before it starts to lose money. The potential for loss is due to a variety of factors including increased life expectancy, retirement of the baby boomers, and less younger professionals in the country.
Because of the looming issue with social security at https://vimeo.com/davidgiertz, it is very likely that the system will be changing in coming years. One of the most likely changes that will be coming will be a delay in the retirement age. Right now people will receive their full benefit at 67, but that age is likely to be moved back in the near future. It is also likely that the level of income will decline. Giertz further stated on soundcloud.com that due to these changes to the system coming in the future, people need to plan and save even more to compensate.