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Mark Iwry: Retirement Visionary & QLAC Champion

“Fun With Annuities” The Annuity Man Podcast

Release Date: 02/28/2023

How the Annuity Sausage Is Made: Shootin’ It Straight With Stan show art How the Annuity Sausage Is Made: Shootin’ It Straight With Stan

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  The pricing mechanism of annuity products  Annuities are commodity products  Buy only the products that you understand    Key Takeaways:  Annuity pricing is primarily based on life expectancy, with interest rates playing a secondary role. Another key factor in annuity pricing is that annuity prices change based on capacity.  Focus on the contractual guarantees when purchasing annuities, they are commodity products. So shop all carriers and find the highest contractual guarantee that is most suitable for...

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Roger Whitney: How To Rock Your Retirement (TAM Classic) show art Roger Whitney: How To Rock Your Retirement (TAM Classic)

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man and Roger Whitney discuss:  The two retirement crises Balancing on the teeter-totter Before going into fancy tactical stuff Focusing on what you can control    Key Takeaways:  There are two retirement crises: one is when people don’t have enough money to pay the bills when they can’t work anymore. The other crisis is for people with many resources and options but doesn’t know the right thing to do.  On the one hand, you should start having your best life today, and on the other hand, you also want to make sure that...

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The Perfect Annuity Does Not Exist: Shootin’ It Straight With Stan show art The Perfect Annuity Does Not Exist: Shootin’ It Straight With Stan

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  Focusing on guarantees  The best annuity  Finding the annuity best suited for you    Key Takeaways:  Annuities are financial products that can provide a steady stream of income during retirement, but they come with both benefits and limitations. It's essential to approach annuities with a clear understanding of their purpose and to focus on the contractual guarantees they offer, rather than potential returns. When considering annuities, it's important to recognize that the best options are often Social...

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The Cost of Waiting to Purchase an Annuity: Shootin’ It Straight With Stan show art The Cost of Waiting to Purchase an Annuity: Shootin’ It Straight With Stan

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  Don’t time the market when buying annuities The cost of waiting for the perfect moment    Key Takeaways:  Don’t time the market when buying annuities. Instead of trying to find the perfect moment, determine whether you actually need an annuity by asking yourself what you want the money to do and when you want the guarantees to start. Delaying payments may result in higher guaranteed income, however, you have to look at the big picture by factoring all the payments you will miss while waiting for that ideal...

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Steve Parrish: Rational and Phased Retirement Planning (TAM Classic) show art Steve Parrish: Rational and Phased Retirement Planning (TAM Classic)

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man and Steve Parrish discuss:  People don’t understand annuities Preparing for diminished capacity Life expectancy is good and getting better Managing your retirement plan   Key Takeaways:  Annuities are not an investment, it’s a form of insurance that makes investments even better. Address problems in advance while you still can. Think about how your bills will be paid, how your money will be invested, and how it can be protected from being abused by others when the time comes that your capacity is diminished. Plan to live past...

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Always Reverse Engineer Annuity Income Quotes: Shootin’ It Straight With Stan show art Always Reverse Engineer Annuity Income Quotes: Shootin’ It Straight With Stan

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  Be strategic and efficient when purchasing annuities  Reverse engineering annuity quotes  Maximizing retirement income    Key Takeaways:  When it comes to purchasing annuities for retirement income, it's essential to be strategic and efficient with your money. This is why you should aim to use the least amount of money possible to meet your specific income goals. Rather than simply accepting the first quote you receive, reverse engineer quotes using specialized calculators at . By doing so, you can compare...

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Keep Your Powder Dry Annuity Income Planning: Shootin' It Straight With Stan show art Keep Your Powder Dry Annuity Income Planning: Shootin' It Straight With Stan

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  The value of annuities for lifetime income planning  Laddering strategy with annuities  Placing an annuity inside a trust    Key Takeaways:  When it comes to planning for lifetime income, annuities can be a valuable tool. However, it's essential to approach annuities with strategies that allow for flexibility and the ability to adapt to changing circumstances. By purchasing multiple annuities with different start dates, you can create a steady stream of income that aligns with your needs over time. This...

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Gary Baker: The Growth of Group and Fee-Based Annuities show art Gary Baker: The Growth of Group and Fee-Based Annuities

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man and Gary Baker discuss:  The Secure Act's role in making annuities more accessible within 401(k) plans Lifetime guaranteed income options within 401(k) target date funds The widespread inclusion of lifetime income options How annuities can alleviate pressure on Social Security   Key Takeaways:  The retirement landscape is evolving, and with the introduction of the Secure Act, annuities are becoming more accessible to a broader market through 401k plans. Employers can now offer annuities as an investment option, providing employees...

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There’s NO Annuity Sweet Spot to Purchase: Shootin' It Straight With Stan show art There’s NO Annuity Sweet Spot to Purchase: Shootin' It Straight With Stan

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  Annuities are contracts  The perfect time to buy an annuity  You can’t time contracts   Key Takeaways:  There is no "sweet spot" to purchase annuities, as all types have contractual guarantees that should be analyzed. Remember that annuities are contracts, not investments. The perfect time to buy an annuity is when the contractual guarantees make sense to you and when they fit that gap for principal protection, income for life, legacy, and long-term care.  Nobody knows where interest rates are going to...

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Transfer Your Risk to Annuity Contractual Guarantees: Shootin' It Straight With Stan show art Transfer Your Risk to Annuity Contractual Guarantees: Shootin' It Straight With Stan

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  What annuities solve for  Transfer of risk  The three phases of retirement    Key Takeaways:  Annuities solve for PILL: Principal protection, Income for life, Legacy, and Long-term care. There’s no G for growth, or R for Returns. If you want growth and returns, do not buy an annuity of any type.  Annuities are bought for transferring risk. When you buy an annuity contract for lifetime income, the company will be on the hook to pay as long as you’re breathing.  There are three phases of...

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More Episodes

In this episode, The Annuity Man and Mark Iwry discuss the following: 

  • What is a QLAC? 

  • One of the best features of a QLAC

  • Structuring a QLAC with cash refund 

  • Why QLACs aren’t popular 

 

Key Takeaways: 

  • A QLAC or a Quality Longevity Annuiy Contract is a deferred annuity that’s helpful for people trying to save for retirement and want security in retirement in the form of a guaranteed lifetime income. You don’t have to worry about Required Minimum Distribution rules when you buy deeply deferred annuities. 

  • One of the best things about the QLAC is that it allows you to take your personal IRA and attach your spouse as a lifetime income participant. Meaning when you pass away, your spouse will benefit. 

  • QLACs can be structured with cash refund, which means that the annuity company will not keep your money when you die even though they are on the hook to keep paying you while you are breathing. 

  • The reason why QLACs are unpopular is because it’s such a simple and straightforward product that it isn’t as profitable for the company as it is for their other products. There’s no room for agents to attach bells and whistles that cost their clients extra. 

 

"People need health security, and they need retirement security. We have social security, and we have Medicare to take care of those two things. On top of Social Security, we've got our private pension system, and on top of Medicare, we've got our private health care system. " —  Mark Iwry

Connect with Mark Iwry:

LinkedIn:  https://www.linkedin.com/in/mark-iwry-8b6682/ 

About Mark: https://www.hks.harvard.edu/alumni/connect/community-stories/mark-iwry-mpp/jd-1976-dedicated-helping-americans-achieve-financial-security

 

Connect with The Annuity Man: 

Website: http://theannuityman.com/ 

Email: [email protected] 

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

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