David Giertz Has Insight On Why Millennials Aren’t Prepared for Retirement



David Giertz says exposes a sad, unfortunate truth.  Most American retirees haven’t saved up enough money to live comfortably by the time they retire.


Retirement can is expensive for most.  Especially for those who retire early and live long, healthy, fun retired lives. However, there are individuals who fail to save enough money to live for just a handful of years.

David Giertz

What’s also troubling is the fact that too many retirement-age individuals begin pulling Social Security disbursements far too early. Doing so cuts down on the total amount of money the United States Social Security program will pay out. But this also means lower monthly payments to those who don’t wait until they reach retirement age.  Typically about seven to eight years after their first year of being eligible to draw Social Security payments comes around.


David Giertz has informed users of common mistakes made by people that have already entered retirement.  Iif you’re not just a few years away from entering retirement – saving up money for retirement is easier when you can start from an earlier age.


Imagine saving up enough money for a full retirement period just five, or even fewer, years prior to entering retirement. That’d probably be pretty difficult, huh? You’re telling me.


Keep Income Limits For Roth IRA Contributions In Mind At All Times


Roth IRAs – individual retirement accounts – are one of the most popular types of employer-aided, government-run retirement accounts in the United States of America. Future retirees typically contribute an equal amount from paychecks per month. Once a certain limit is met for each calendar year, individuals can’t contribute any further to Roth IRAs.


As of 2017, individuals can only contribute to the smaller of the following two amounts: $5,500, or $6,500 for individuals reaching at least 50 years of age by the end of that particular year.


People filing taxes as single or head of household can’t contribute fully to their Roth IRAs.  First they must reach an annual income ranging between $120,000 to $135,000.


Those paying taxes as married filing jointly reach the phaseout limit between $189,000 to $199,000 in annual income. Taxpayers filing separately, however, can only contribute fully to Roth IRAs if they make between $0 and $10,000 each year.


David Giertz is fortunate to have had a long, successful career working as the President of Nationwide Financial Distributors. Outside of the aforementioned executive role, Mr. David Giertz has been employed full-time in financial services for in excess of 30 years. Thus providing him with plenty of experience to make sound recommendations.  Both as a financial advisor to consumers, and more specifically retirement-age individuals.


401(k) Contribution Limits


401(k)s are another popular type of savings account. They are backed and operated by the United States government. Employers also help contribute to individuals’ 401(k) savings account.  Most typically on a dollar-for-dollar basis up until a certain limit is reached.


Starting in 2018, annual contributions to 401(k) accounts will increase an astounding $18,500.  Thus making it possible for individuals over 49 years of age to contribute a whopping $24,500 every year.  Thereby serving as catch-up contributions holding strong at a maximum of $6,000 per year.


The Retirement Savings Contribution Credit, Also Known As The Saver’s Credit


David Giertz recommends to retirement-age individuals to not take the Saver’s Credit for granted. In 2018, annual contribution limits have increased to the following levels:


  • $63,000 for couples reporting filing status as married filing jointly


  • $47,250 for individuals filing as heads of household


  • $31,500 for singles and married individuals filing separately

Internal Revenue Agency Deduction Limits



According to none other than David Giertz, taxpayers that can fall back on retirement savings accounts provided by their employers typically aren’t able to deduct IRA contributions from that year’s adjustable gross income.


This deduction limit kicks in between $63,000 and $73,000 for people filing as single or heads of household, $101,000 to $121,000 to couples filing jointly or $189,000 to $199,000 for couples whose contributing spouse isn’t covered by employer insurance.

Married couples that file separately will experience no increase in the phaseout range, holding true at the range of zero dollars to $10,000.


Health Savings Accounts Contribution Limits


Contribution limits for health savings accounts are growing to $3,450 per year for singles, and $6,900 for households with health savings accounts that cover their entire families. What’s most beneficial about these accounts is that, once the age 65 is reached, their contents can be spent on anything and everything without having to pay penalties.


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