For a number of years David Giertz worked for Nationwide Financial in an executive role. He has also worked for other financial firms like Citicorp. Over the years he has served as an investment advisor for many people as he is a FINRA registered broker. In all he has been in the progressive financial sector for more than 30 years. In addition to assisting people with their retirement accounts he also sells life insurance and annuities.
David Giertz says that one surprise for many new retirees is that it can be rather difficult to make the transition from saving to spending their retirement accounts. Saving money for many was a lifetime habit up to that point. They will hesitate to spend from their retirement accounts instead. This is really normal and he says people need to not feel guilty about enjoying their retirement on the money they put away over decades.
He says that as long as retirees follow a reasonable budget they will in all likelihood be ok. David Giertz says that some retirees feel that there might be some future event which will require a huge sum of money to pay for it. This paralyzes them and they end up not enjoying their retirement years because they fear their money will run out. A lot of people when they’re younger have dreams of what they will do in retirement but than once they do retire they don’t follow through on their dreams because of these types of worries.
He says that there is a balance between using your retirement savings in a smart way versus going crazy with your money. He says that discipline is what it takes to have a good retirement. Create a budget which includes money for the things you enjoy whether that’s traveling extensively or visiting children and grandchildren. He says retired people should also keep a cash reserve because when you are in retirement you don’t want everything in the stock market. This also reduces stress for retirees because if the markets go down they have plentiful cash to use while waiting for the markets to recover.