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John Lenz: The State of The Annuity Union

“Fun With Annuities” The Annuity Man Podcast

Release Date: 11/07/2023

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In this episode, The Annuity Man discussed:  Annuities are contracts  How Indexed Annuities should be used  Don’t buy an annuity for market returns    Key Takeaways:  To say that something is “guaranteed and backtested” means that there is nothing guaranteed at all. Annuities are contracts, buy them for what they will do and not what they might do.  Indexed Annuities have the potential to go down in value, but they can be used as an efficient delivery system for guaranteed lifetime income through an income rider attachment.  If you...

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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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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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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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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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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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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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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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More Episodes

In this episode, The Annuity Man and John Lenz discuss: 

  • Don’t lose track of your renewal rate 

  • Laddering Multi-Year Guarantee Annuities 

  • Reasons for buying a QLAC

  • Suitability regulations

 

Key Takeaways: 

  • Insurance companies are for-profit institutions. Historically, insurance companies have renewed annuities at a lower rate than new money rates, but not everybody, and not all the time. Don’t lose track of your renewal rate; keep the company honest. 

  • Nobody can predict interest rates. Given everything we don't know, having a MYGA ladder is not a bad idea. Currently, we're at interest rate levels that if you have enough money, you can live off the interest and lock it in long-term. 

  • Tax savings shouldn’t be the primary reason why someone buys QLACs. Buy QLACs if you want lifetime income, joint lifetime income, or if you want to combat inflation. Tax savings are a benefit of buying a QLAC, but it should be the tertiary reason for doing so. 

  • Suitability is a term that says the annuity that your agent is proposing to you is suitable for you based on a number of things: your age, your liquidity, your understanding of your money, your net worth, your income, and your expenses.

 

"You got to advocate and go out there and make sure your money is not sitting around making somebody else profit instead of you" —  John Lenz.

 

 

Connect with John Lenz:

Website: https://www.lenzfinancial.com/  

 

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!