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David Giertz offers his insights on preparations for retirement.
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David Giertz offers his insights on preparations for retirement.

David has extensive experience in the area of financial services. He served as the president of Nationwide Financial Distributors and has the expertise of over three decades in the industry. He recently pointed out a sad truth stating that most of the retirees in the American population had not saved enough money to see them through their retirement. David has had first-hand experience with such cases and points out that living through retirement could be a financial nightmare for most. He also added that those who had reached the age of retirement were also pulling out their Social Security benefits way too early.

In such a situation the total amount that the government is required to pay out through the Social Security program is reduced significantly. It might be easier to save up for a retirement plan at an early age, but the task becomes quite hectic when one is just a few years from retirement. David Giertz gave some insights about how one would go about the roadmap for their retirement plan. He first adviced that one should always take into consideration the Roth IRAs limits. Roth IRAs are individual retirement accounts that are run by the government and supported by the employer. An individual contributes to the account yearly until an absolute limit is reached then the individual cannot participate further. The limits of the contribution vary depending on how one files their tax returns. He also added that people should also take note of the 401(k) contribution.

This is a type of savings account that is backed by the United States government and employers aid with contributions on a dollar to dollar basis. Also, he particularly emphasized that those in the age of retirement should not take for granted The Saver’s Credit. Taxpayers who were backed by the retirement savings accounts are not legible to deduct their contributions made to IRA from the gross income that is adjustable for that year. Finally, David Giertz talked about the health saving accounts and their limits for contribution. He stated that the funds could be spent without penalties once one attained the age of 65-a useful fact about this type of account.