Wade Pfau - Retirement Income Style Awareness (Holiday Regift)
“Fun With Annuities” The Annuity Man Podcast
Release Date: 11/21/2023
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Annuity marketing gimmicks The complexity of Indexed Annuities What annuities are for Key Takeaways: Bonuses for annuities are marketing gimmicks and provide no real value. Contractual guarantees are the most important aspect of annuities. Indexed annuities are complex products with components like caps, spreads, and participation rates that limit upside gains. These components can change annually, making the product difficult to understand. Annuities are designed for risk transfer through...
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In this episode, The Annuity Man discussed: How to use Indexed Annuities efficiently The two sides of an indexed annuity Focusing on what annuities really do Key Takeaways: Indexed Annuities can be used as an efficient delivery system for Income Riders, which provides guaranteed lifetime income. There are two sides to an Indexed Annuity: the accumulation value (hopes and dreams) and the income rider amount (guaranteed lifetime income). Focus on contractual guarantees and avoid misleading information. Don’t attend seminars that offer...
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In this episode, The Annuity Man and Pam Krueger discuss: Finding fiduciary financial advisors Customizing an annuity according to your goal Rejecting pushy pitches from agents Avoiding costly mistakes through education Key Takeaways: Seek independent, fee-only, fiduciary advisors focused solely on your interests, not commissions or product sales. Avoid one-size-fits-all annuity recommendations; annuities should be evaluated based on individual needs and financial situations. Take advantage of the one-year do-not-solicit period...
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In this episode, The Annuity Man discussed: Pragmatic approach to financial planning How annuities are primarily priced Four primary benefits of annuities Closing the gap with annuities Key Takeaways: Prepare for either party leadership scenarios to ensure financial stability. Approach financial planning with a pragmatic mindset, always employing the use of research and contractual guarantees. Life expectancy drives lifetime income from annuities. Annuities are commodity products, and their guarantees change based on market conditions and demand. If...
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In this episode, The Annuity Man discussed: How different your life could be with more money Retiring from work and the markets Investing safely and smartly Living off of guarantees Key Takeaways: People in the news and most financial advisors will tell you always to keep money in the markets, but you have to ask yourself this: will more money make your life any different? If you love the ups and downs of the markets and treat it like a passion or a hobby, then it’s alright to stay in it, but most people out there should be retiring...
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In this episode, The Annuity Man discussed: Ensuring a stable retirement regardless of politics How annuities are priced Planning for political uncertainty Tailoring annuities to your financial goals Key Takeaways: Annuities provide a guaranteed income floor regardless of political outcomes. Take emotions out of financial decisions, and focus on building an income floor for your retirement. Life insurance companies primarily price annuities based on life expectancy. Although a Cost Of Living Adjustment can be attached to annuities,...
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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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In this episode, The Annuity Man discussed: When is it a good time to buy an annuity? Are annuities for market growth? Annuity sales tactics to be wary of Key Takeaways: Annuities aren’t for everybody. If you need to transfer risk, need contractual guarantees, or solve for principal protection, income for life, legacy, or long-term care, then it’s a good time to buy an annuity. If your goal is market growth, then an annuity is not for you. Annuities are not market-growth products. When buying an annuity, you’re buying a contract,...
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In this episode, The Annuity Man and Terry Savage discuss: What is “chicken money”? Considering future crises in your financial plan Seeking trusted advisors Building an income floor Key Takeaways: Your “chicken money” is money that you can’t afford to lose. CDs, treasury bills, money markets, AAA municipal bonds, and MYGAs are suitable options. MYGAs and CDs are great for principal protection and tax deferral benefits. Focus on having an income floor and principal protection in retirement plans. It’s important to consider...
info_outline 3 Years in or 3 Years Out for MYGAs and CDs: Shootin' It Straight With Stan (TAM Classic)“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Locking in for three years and over The top three safest money When to go for CDs and treasuries Key Takeaways: Ask yourself how long you want to lock the money in for. MYGAs provide the highest contractual guarantee if it’s three years and over compared to CDs and treasuries. The safest money out of all three would be treasuries, the second safest money is CDs, and the third safest would be MYGAs. Buy treasuries only from treasurydirect.gov. If you’re going to lock in money for three...
info_outlineThe holidays are here, and so is this fan-favorite throwback! Take a trip down memory lane with this re-uploaded video - the perfect way to celebrate the break.
In this episode, The Annuity Man and Wade Pfau discuss:
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Retirement Income Style Awareness (Risa) framework
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Wade’s different viewpoint on retirement
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4% rule of thumb and its limitations
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The truth about retirement planning strategies
Key Takeaways:
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Understanding one's preferred retirement income strategy via the Retirement Income Style Awareness (Risa) framework. It assesses different retirement strategies that align with the retiree’s needs and goals, such as total return investing, time segmentation or bucketing, and essential versus discretionary expenses.
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Go beyond viewing retirement as mere cessation from work and consider it as attaining fiscal independence to pursue passions and goals without dependency on income from employment. Read Wade Pfau’s article on the 4% rule of thumb and its limitations. Additionally, explore the potential benefits of annuities as a tool for sustaining retirement spending over a long retirement.
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Explore the broader international experience in financial markets and retirement planning to better understand the uncertainties and challenges involved. Consider the impact of low interest rates on bond returns and the need for diversified retirement income strategies.
“We need to figure out what retirement strategy works for each individual because what works for one person may not work for another. It's about finding the style that resonates with you.” - Wade Pfau
Connect with Wade Pfau:
Website: retirementresearcher.com
LinkedIn: https://www.linkedin.com/in/wpfau/
Twitter: WadePfau
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
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