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Terry Savage: The Savage Truth about Rates & Markets

“Fun With Annuities” The Annuity Man Podcast

Release Date: 09/27/2022

Terry Savage: The Savage Truth For Your Money in 2024 show art Terry Savage: The Savage Truth For Your Money in 2024

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man and Terry Savage discuss:  401k and annuities  What does it mean to be a fiduciary?  Annuities are commodity products Always have some chicken money   Key Takeaways:  When you are in the accumulation phase, there should be no limitations at all on the upside. You’re better off focusing on accumulation during the 401k time period and then at the end pivoting to an immediate annuity for a lifetime income stream.  Being a fiduciary means more than just having a plaque on the wall. Anyone in the financial business...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  The four lifetime income products How annuities are priced  The simplicity of SPIA  Getting the highest guarantee    Key Takeaways:  There are four lifetime income products: Single Premium Immediate Annuities, Deferred Income Annuities, Qualified Longevity Annuity Contracts, and Income Riders that can be attached to Variable Annuities and Indexed Annuities.  Annuities are priced primarily on your life expectancy at the time you start the payment. Interest rates play a secondary role.  Deferred...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  State guaranty funds  The true safety of the industry  Life insurance companies are more regulated  Assigning unused money to beneficiaries   Key Takeaways:  If you look at the state guaranty fund, each state has a specific rule in place to protect you and your money in case something happens to the carrier.  You should be buying the claims-paying ability of the life insurance company from the standpoint of safety. The true safety of the annuity industry is the industry policing itself.  Life...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man and Christine Benz discuss:  Why Christine is so passionate about financial education and retirement portfolio planning.  Why decumulation is not bad (and when it is a good thing).  Retirement blindspots to be aware of.  Staying mindful of additional, variable costs in your spending plan. Bucket approach investing and portfolios.    Key Takeaways:  Your portfolio doesn't know whether your withdrawals are coming from income or from selling appreciated securities, what matters is that you are not taking out too...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  The Income Rider and the accumulation value  Two numbers you need before you transfer to SPIA Calculating a SPIA quote  When you should transfer to a SPIA   Key Takeaways:  The Income Rider is an attachment to a policy that guarantees a lifetime income stream but it’s a separate calculation from the accumulation value. The accumulation value in simple terms is the real money.  Take the accumulation value of the policy and ask the company to give you two guaranteed contractual numbers: first is the Income...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  Swallowing the food but not the pitch  Annuities are never one-size-fits-all  Focusing on contractual guarantees    Key Takeaways:  If you ever get invited to an annuity “seminar”, then remember to swallow the food but not the pitch. Don’t be swayed by misleading terms and enticing promises. When it comes to annuities, always focus on the contractual guarantees.  When it comes to annuity companies and products, there is no “best” product and no “best” company that is applicable to everyone...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man and Chuck Jaffe discuss:  Politics and economy  Looking into how inflation affects you  How Indexed Annuities should be used  The question for cryptocurrency    Key Takeaways:  Politics don’t create the economy. There are a lot more factors that go into it than just who is in power. Economic forecasts sometimes become inaccurate because there is a huge disconnect between how we feel and how we’re doing.  Don’t let the news dictate what you truly feel. Try to honestly assess how inflation is affecting...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  Creating a solid income floor for retirement  Considering your income  Many ways to create income    Key Takeaways:  Going into chapter two of your life, you have to do your own thing. Stop keeping score. You’ve already won the game, you already have enough money, so why are you still playing?  It’s important to have non-correlated income sources for your retirement such as pensions, rental properties, and annuities in order for you to create a solid income floor that’s not affected by market...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  Lifetime income and principal protection  Return of your money  Peeling of the interest to solve income needs    Key Takeaways:  Annuities aren’t only for lifetime income, some products just protect the principal like a MYGA or a Fixed Annuity.  With lifetime income, annuity companies are on the hook to pay a return OF your principal plus interest as long as you are breathing.  Will peeling off the interest, never touching the principal, and getting a return ON your money solve your income...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  Planning with simplicity  Annuity products overview  Consumer-focused future of annuities Tuning out the noise    Key Takeaways:  Lifetime income is priced primarily on your life expectancy and interest rates play a secondary role in pricing. Shop all carriers for the highest contractual guarantee, don’t gamble your retirement on hypothetical and theoretical numbers. Seek simplicity in planning.  Indexed annuities are going to keep getting pitched, and often through misleading and hyperbolic...

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More Episodes

In this episode, The Annuity Man and Terry Savage discuss: 

  • Preparing for recession 
  • The wildcard in economy 
  • The two most interest things in the market 
  • Living off of the interest 

 

Key Takeaways: 

  • People are not prepared for the kind of recession we might be facing. The Feds will not let the government buy us out of this recession, even though it's a political year because of the mounting national debt. 
  • The wildcard in all of this is in employment. We haven’t seen unemployment go up yet, but there is a greater amount of people either quitting or soft-quitting, which is when people don’t quit but aren’t working that hard. 
  • The two most interesting things about the market are Bitcoin and gold. Blockchain, the technology behind cryptocurrencies, is going to revolutionize our lives but it’s not going to be a refuge from the U.S. dollar. 
  • The goal is for you to never have to touch the principal and just live off of the interest. That’s the dream. Establish your income floor and see if you can buy products that will create interest. 

 

"The problem is it's not just financial inflation. It's emotional. It's in the DNA; it’s in the cells. And you don't have to be a Ph.D. economist; you can be an ordinary person to understand the impact. That inflation mentality is what has to get broken." —  Terry Savage

 

Connect with Terry Savage:

Website: https://www.terrysavage.com/ 

YouTube: https://www.youtube.com/user/TerryTalksMoney 

LinkedIn: https://www.linkedin.com/in/thesavagetruth/ 

Twitter: https://twitter.com/Terrytalksmoney 

Facebook: https://www.facebook.com/The-Savage-Truth-190870517609983/ 

 

 

Connect with The Annuity Man: 

Website: http://theannuityman.com/ 

Email: [email protected] 

Book: Owner’s Manuals: https://www.stantheannuityman.com/how-do-annuities-work

YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g 

Get a Quote Today: https://www.stantheannuityman.com/annuity-calculator!