Florida Financial Advisor David Giertz Warns Against These Retirement Mistakes

Retiring comfortably requires much more than your Social Security check. Unless you are fine with living in poverty, you should have a decent amount of assets and funds when you reach that age. David Giertz is an expert in personal finance and he has constituted this treasure trove of information in retirement planning.

Lifestyle Changes to Live Within Your Means
Poor spending habits should be quashed at any point in your life, but especially when you are approaching retirement age. This is why David recommends that speculating retirees need to assess their lifestyle and make changes accordingly.

Look at the useless things that you buy every day and calculate how much you can be saved every year if it had been put into savings. These savings can be put into your retirement fund while you live a more modest lifestyle to play it safe.

Consider Relocating
Although it may be obvious for many, David recommends relocating to another part of the state or country to significantly reduce costs. If you are from the big city, you may be wasting your money with high costs since large cities cater towards working professionals. Settling in safe, small towns is not atypical for retirees, especially if it is done in a beach town in Florida. If you are daring, you may expand your horizons by spending time in another country where the cost of living is extremely cheap.

Plan for Income Generation During Retirement
Whether it is passive or active, you should still maintain some sort of income to at least cover emergencies. David had provided an example of rental income from extra property that you are not using.

You may also have investment income that is giving you dividends that you can live on. If you plan on working part-time or maintaining a company, take into consideration that you may end up ill with the inability to work anymore.

Consider Your Government Retirement Benefits
David knows that you are not paying into Social Security for no reason. Once you hit retirement age, you are waiting for your Medicare and your monthly check from the government. Although it is usually modest, it can provide a significant amount to the table to boost your quality of life.

Retiring comfortably requires much more than your Social Security check. Unless you are fine with living in poverty, you should have a decent amount of assets and funds when you reach that age. David Giertz is an expert in personal finance and he has constituted this treasure trove of information in retirement planning.

Lifestyle Changes to Live Within Your Means
Poor spending habits should be quashed at any point in your life, but especially when you are approaching retirement age. This is why David recommends that speculating retirees need to assess their lifestyle and make changes accordingly.

Look at the useless things that you buy every day and calculate how much you can be saved every year if it had been put into savings. These savings can be put into your retirement fund while you live a more modest lifestyle to play it safe.

Consider Relocating
Although it may be obvious for many, David recommends relocating to another part of the state or country to significantly reduce costs. If you are from the big city, you may be wasting your money with high costs since large cities cater towards working professionals. Settling in safe, small towns is not atypical for retirees, especially if it is done in a beach town in Florida. If you are daring, you may expand your horizons by spending time in another country where the cost of living is extremely cheap.

Plan for Income Generation During Retirement
Whether it is passive or active, you should still maintain some sort of income to at least cover emergencies. David had provided an example of rental income from extra property that you are not using.

You may also have investment income that is giving you dividends that you can live on. If you plan on working part-time or maintaining a company, take into consideration that you may end up ill with the inability to work anymore.

Consider Your Government Retirement Benefits
David knows that you are not paying into Social Security for no reason. Once you hit retirement age, you are waiting for your Medicare and your monthly check from the government. Although it is usually modest, it can provide a significant amount to the table to boost your quality of life.

On the other hand, retiring early cannot involve your government benefits until the age of 66 (or 62 for partial benefits). You also will continue to need private healthcare since Medicare does not start until the age of 65.

You must also keep in mind that Medicare may not cover the same as your previous private or employer healthcare. Assess your needs and determine if you need to purchase an insurance policy in addition to Medicare.

Changing Your Portfolio Composition
David recommends that one's portfolio should be risk adverse once reaching retirement age. Consider keeping investment that has a safe and solid income without completely degrading your cost of living. Ideally, somebody retired will want to have a portfolio that will allow them to live completely off of its income to safely live into old age. According to David, all of this should be done within the last few years before retiring.

David Giertz also suggests investigating your tax status in conjunction with one's income stream. Fortunately, workers of retirement age are put into a lower tax bracket that can be advantageous. One should also have a significant portion of their portfolio in tax-sheltered investments to mitigate losses during retirement.

A Little More About David Giertz

David knows quite a bit about financial planning sense is he has over 30 years of experience working in the financial services sector. With his expertise, he has helped large companies grow their profits by billions of dollars. Most notably was his position as the President of Nationwide Financial’s Sales and Distribution Organization. He also managed to be the Regional Vice President of Nationwide during the late 1990s.

David Giertz also has an impressive past with some big authoritative names in the financial industry. For example, he had a 9-year tenure as the head of the Budget and Finance with the Millikin University. He also has a soft side since he was a director of the Girl Scouts branch within Broward County.

Learn more about what makes David tick in his Inspirery interview.

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