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032: Annuity Financial Advice for Seniors & Baby Boomers

“Fun with Annuities” The Annuity Man Podcast

Release Date: 11/24/2020

045: Fixed Index Annuities - Are They a Good Investment? show art 045: Fixed Index Annuities - Are They a Good Investment?

“Fun with Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discusses:  Understanding how a fixed index annuity works, rather than how it is pitched.  The dangers in backtested numbers (and why they should be illegal in all 50 states). Stripping away the complication of the fixed index annuity.  Shopping around for your annuity and asking for a specimen policy.    Key Takeaways:  Fixed index annuities can be used as an efficient and cost-effective delivery system for the income rider guarantee. The renewal rate is where the game is played with index annuities.  There are over 700...

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044: How to Shop for Annuity Rates Like a Pro! show art 044: How to Shop for Annuity Rates Like a Pro!

“Fun with Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discusses:  What is meant when we talk about annuity rates.  The three primary lifetime income products in the annuity world. Falling in love with the contractual number, no the carrier.  Understanding what you’re trying to solve for and how rates apply to your specific situation.   Key Takeaways:  In the annuity world, “rates” does not always mean interest rates. Rates can also mean life expectancy.  Interest rates play a secondary role - life expectancy drives the train with all lifetime income.  People have been...

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043: Why Renewal Rates are the Secret to Fixed Index Annuities show art 043: Why Renewal Rates are the Secret to Fixed Index Annuities

“Fun with Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discusses:  What an index annuity is.  Buying the contractual reality, not the dream.  Why renewal rates are the key to index annuities.  The importance of understanding what the renewal rates are and why they matter.   Key Takeaways:  If you’re looking for an index annuity for accumulation, then you need to know about renewal rates.  There is no renewal rate history on an index that has just been created.  There is no reason not to send a specimen policy - annuities are contracts, so you might want to read it before...

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042: MYGA Secrets You Need to Know show art 042: MYGA Secrets You Need to Know

“Fun with Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discusses:  What a MYGA (Multi-year Guaranteed Annuity) is.  The negatives to a MYGA.  The length of time on a MYGA term.  The hidden secrets of a MYGA.   Key Takeaways:  Multi-year guarantee annuities and fixed indexed annuities are both CD products. Interest rates do not have to go up, there is a good argument for them to go to zero (even if we hope it doesn’t).  If you get to the end of your surrender term, you can then transfer it to another MYGA and keep pushing the tax puck down the ice. There is no urgency to own...

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041: Why You Should Take a Closer Look at Income Riders show art 041: Why You Should Take a Closer Look at Income Riders

“Fun with Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discusses:  What an income rider is (and it isn’t an annuity).  The income rider versus the accumulated value side of the calculation table. The flexible nature of income riders.  Taking the annuity payments when you need the income and transferring the risk.   Key Takeaways:  An income rider is an attachment to a contractual agreement, not an agreement itself.  Deferred income annuities and income riders solve for income later, which is income down the road. The difference is just how they contractually get there. ...

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040: Your 4 Choices at the End of a MYGA Term show art 040: Your 4 Choices at the End of a MYGA Term

“Fun with Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discusses:  The simplistic nature of MYGAs.  The end of term flexibility of a MYGA.  Why you can’t broad brush all annuities.  It is your money, you get to make the decisions.    Key Takeaways:  The commission is already built into annuity contracts, they can vary depending on the complexity of the annuity. For something like a MYGA, they can be quite low, possibly .5%-2% depending on the carrier.  Choose the highest contractual guarantee, whether that is renewing with the current carrier or moving to a different...

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039: Inherited Annuities: What are your specific choices?  show art 039: Inherited Annuities: What are your specific choices? 

“Fun with Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discusses:  The best thing to do if you have inherited an annuity.  Understanding the type of policy that you are inheriting.  Spousal and non-spousal choices of an inherited annuity.  Understanding the goals and the contractual guarantees of the annuity you have and what you want it to do.    Key Takeaways:  You have to hire someone who is qualified to give tax advice (like a CPA or tax lawyer) for tax advice. Do not take advice from anyone else because it is an ever-changing landscape and can vary from state to...

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038: Pension Payment or Lump Sum: Which One Do You Take? show art 038: Pension Payment or Lump Sum: Which One Do You Take?

“Fun with Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discusses:  Understanding the claims payability of the company that is offering the pension payment. Knowing what you want the money to contractually do.  Owning an annuity for what it will do not what it might do.  Telling what you want, not being told what you should do.    Key Takeaways:  About 80% of the time, with a pension payment, the payments from the company will be larger than what any annuity company will pay you. Make sure to check your options carefully.  Annuity quotes expire every 7-10 days and need to be...

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037: Timing Your Annuity Purchase...Is It Possible? show art 037: Timing Your Annuity Purchase...Is It Possible?

“Fun with Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discusses:  Investors vs annuity buyers.  Understanding the contractual guarantees and making sure they work for you.  Annuities are life expectancy based - you can’t time that.  The things you can’t time and why they shouldn’t affect your choice of buying an annuity.    Key Takeaways:  Short answer - no, you can’t time your annuity purchase. It’s a contract, not an investment. You cannot time interest rates with MYGAs. You can often ladder the annuities to account for changing rates.  No advisor knows how to...

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036: Annuities vs. The Stock Market: The Brutal Truth About Both show art 036: Annuities vs. The Stock Market: The Brutal Truth About Both

“Fun with Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discusses:  Having money in the stock market (even if you don’t have or need an annuity). Why you should be in the stock market, either managing yourself or having someone manage it for you.  Understanding if you need an annuity and how to allocate and proportion your money.  Diversification of risk and assets. The stock market and annuities can work together, but they cannot be compared.    Key Takeaways:  80% of all stock market trades are not done by a real-life, breathing human.  If you want market growth, stick with...

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More Episodes

In this episode, The Annuity Man discusses: 

  • Determining if you need an annuity.
  • Annuities are not one size fits all - they are contractual guarantees. 
  • Taking care with the annuity sales pitches that are coming your way. 
  • Creating your Annuity Statement of Understanding. 

 

Key Takeaways: 

  • Every single day, over 10,000 Americans reach the age of 65.
  • To determine if you need an annuity, ask yourself 2 questions: What do you want the money to contractually do? When do you want those contractual guarantees to start?
  • Never buy an annuity for market growth. 
  • There are no philanthropists at annuity companies giving away money. If there is an upfront bonus, it is part of the contractual guarantee, not free money.

 

"Annuities are commodity products. The best annuity for you is the one that provides the highest contractual guarantee." —  The Annuity Man 

  

Connect with The Annuity Man: 

Website: TheAnnuityMan.com 

Email: [email protected] 

Book: SPIA Owner’s Manual 

YouTube: Stan The Annuity Man 

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