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Terry Savage: The Savage Truth For Your Money in 2024

“Fun With Annuities” The Annuity Man Podcast

Release Date: 02/27/2024

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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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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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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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More Episodes

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 should be putting their client's best interests ahead of themselves every single time. 

  • People need to realize annuities are commodity products. Not one company is better than the other. Not one product is better than the other. These quotes change like a gallon of milk every seven to 10 days so you have to quote for the highest contractual guarantee.

  • Everybody should have some chicken money. The top four chickens are treasuries, CDs, money market, and MYGAs which are the annuity industry’s version of a CD. These are all for principal protection, no annual fee, guaranteed interest rates for your chicken money. 

 

"There is one annuity that you might have that will keep up with inflation and it’s called Social Security." —  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/ 

New Book Link: https://www.amazon.com/gp/product/1119645441/ref=pe_2313400_441222210_em_1p_0_lm

 

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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