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David Giertz Tells Us About Meaningful Retirement Planning

Welcome to life after retirement! Surprisingly, many people quickly realize that its not all fun and games. Simply put, most individuals think that retirement is simply just stopping working. While they are right about that, there is actually a lot more to it than that. Thus, when it comes to retirement, if you fail to plan, you plan to fail. David Giertz is president of Nationwide Financial, and he had some great insights into effect retirement planning during a recent interview.

Normally, a good rule of thumb for ordinary people is to save up to six times their income for their retirement. For those who want to retire early the number are even higher – David Giertz actually recommends that a person has up to 33 times their income saved up for it.

The next thing you have to look out for would be finding an effective way to retire early without paying a ton in penalties. Many retirement accounts will charge you a whopping 10% to withdraw it before age 59 1/2. Of course, there are workarounds to this, with the most popular being a traditional Roth IRA. This method allows you to withdraw your money at any time with just a small withdrawal fee each time. The only catch is that your salary can’t be any higher than $118,000 per year.

If you make more than this amount you can still withdraw early with a traditional IRA or 401K as long as you use the “Rule of 55”. The IRS will often not penalize you if you withdraw at age 55 or 56.

Moreover, you can also use a 72t rule as long as your withdrawals are the same leading up to the age of 59 1/2. Bear in mind that if you deviate even slightly it could open you up to penalties from the good ol’ IRS.

David Giertz

David Giertz has served as president of Nationwide Financial Services since 2013. He has also held a number of other bank positions, including vice president at Bank Channel from 2004 to 2009.

Giertz has built his life around keeping people financially secure. Many individuals from all walks of life have relied on him to improve their financial future.

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