Mark Iwry: Retirement Visionary & QLAC Champion
“Fun With Annuities” The Annuity Man Podcast
Release Date: 02/28/2023
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
“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
“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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Jamie Hopkins: Retirement Planning And The Why That Makes You Cry (TAM Classic)
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man and Jamie Hopkins discuss: ROS - Return on Sleep From an accumulation to a decumulation mindset Living your retirement meaningfully Changing your relationship with money Key Takeaways: People often don’t care about optimal, people care about being happy. Giving people a good retirement experience, a Return On Sleep, is better than giving optimal results. Point your focus towards what you’re planning to work towards or what you want to acquire - accumulating money isn’t going to do you any good if you...
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You Already Own At Least 2 Annuities: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: The best inflation annuity on the planet. The second annuity you already own RMDs are an annuity payment Key Takeaways: Annuities that adjust for inflation offered by the private sector have their initial payments drastically lowered to make up for the index increase. You don’t need to get that because you already own the best inflation annuity on the planet: Social Security. The second annuity you might already own is attached to your Individual Retirement Account. A 401k, 403b, or 457 are...
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Get Your Annuity Income Ducks in a Row: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: What retirement is all about The ducks that you may already have Annuity income ducks Key Takeaways: Retirement, or chapter two of your life, is the time that you need money hitting the bank account so that you can go live your life. This chapter is going to be all about you, about your lifestyle, and about reclaiming your health. The first income duck you have is the best inflation annuity on the planet: Social Security. If you have a pension from a company or the government, that’s another income...
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Marcia Mantell: Cookin' Up Your Retirement Plan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man and Marcia Mantell discuss: The value of simplicity in understanding financial concepts Getting ready for the emotional aspect of retirement The key to financial success in retirement The importance of creating an estate plan Key Takeaways: If you can’t explain a concept or product simply to somebody who doesn’t live in your industry, then you don’t understand that concept or product enough. You are going to retire someday, you have to be ready for not only the financial aspect but also the...
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Your Retirement Plan Is Not an Annuity Game: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: The standard of a fiduciary Your retirement is not a game Annuities as guarantees and as commodities Key Takeaways: Be wary of people in the annuity industry who sell one product to every type of person. In most cases, the product they’re selling is the highest commission product. The annuity you buy has to be aligned with the goal you want to set for chapter two of your life. Some advisors look at annuities like it’s a game, thinking only about making the most amount of money by selling the most amount...
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Annuity Decisions Should Be Simple & Contractual: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Buying contractual guarantees Keeping it simple with annuities Annuities that adjust for inflation Key Takeaways: Buy annuities only for their contractual guarantees. Don’t buy an annuity for hypothetical, theoretical, back-tested returns. Don’t buy an annuity for the upfront bonus. Buy an annuity for what it will do, not what it might do. Annuities are supposed to be simple. You should understand your annuity contract enough to be able to explain it to a nine-year-old. Annuity companies...
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Andy Panko: Financial Planning Demystified and Unemotional (TAM Classic)
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man and Andy Panko discuss: How advisors should construct their fees The complexity of decumulation Making the plan as good as it can be Cryptocurrency is a lottery ticket Key Takeaways: The work isn’t linear to the asset size; advisors shouldn’t make more money just because assets go up. In the same way, advisors shouldn’t be paid less just because the markets go down. They’re still doing the same amount of work and providing the same services. Investment management, even good investment management, has...
info_outlineIn this episode, The Annuity Man and Mark Iwry discuss the following:
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What is a QLAC?
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One of the best features of a QLAC
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Structuring a QLAC with cash refund
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Why QLACs aren’t popular
Key Takeaways:
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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.
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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.
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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.
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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/
Connect with The Annuity Man:
Website: http://theannuityman.com/
Email: [email protected]
YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g
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