Jamie Hopkins: Retirement Planning And The Why That Makes You Cry (TAM Classic)
“Fun With Annuities” The Annuity Man Podcast
Release Date: 04/09/2024
FIAs: The Real Story: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Annuities were never meant to be a market product The complexity of index options Misleading sales pitches to avoid listening to Annuities solve for your specific goals Key Takeaways: Fixed indexed annuities were created in 1995 to compete with CD returns, not to provide true market participation. They are fixed annuities issued by life insurance companies, regulated at the state level, and not securities. There are over 750 index option choices and 50+ indices, with complex calculation methods...
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Annuities and Timing The Cost of Waiting: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: You can’t time annuities Annuities provide guarantees The cost of waiting Annuities are not bought for market growth Key Takeaways: You can't time the market when it comes to annuities - there is no "perfect" time to buy. Annuities can provide different contractual guarantees like principal protection, lifetime income, legacy, and long-term care coverage. There is a cost to waiting to purchase an annuity, as you may miss out on payments. Do not buy annuities for market growth, but rather...
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Gap Filling Income Strategies Before Social Security: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Gap Filling and Annuity Options: Social Security Timing and Considerations: Balancing Emotional and Financial Well-being: Flexibility and Lifetime Guarantees with Annuities: Key Takeaways: You need to find ways to cover your income needs before Social Security kicks in, typically from ages 62 to 70. Consider using strategies like Single Premium Immediate Annuities (SPIAs) or Multi-Year Guarantee Annuities (MYGAs) to provide contractual income during this gap. SPIAs pay a guaranteed income for a specific term, while...
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Lifestyle Income Guarantee: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Retirement planning essentials Achieving financial security in retirement Determining a lifestyle number Key Takeaways: Lifestyle income guarantees are crucial for retirement planning, allowing retirees to live their desired lifestyle without worrying about market fluctuations or economic uncertainties. Annuities are the only financial products that can provide contractually guaranteed lifetime income, which can be combined with other sources like Social Security and pensions to achieve financial...
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Annuity Companies Are Not Smarter Than Banks: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Annuity companies are more regulated than banks Features that protect the annuity industry There is no run on annuities How the banking crisis will affect the annuity industry Key Takeaways: Annuity companies are more regulated than banks, with features like surrender charges and market value adjustments that prevent runs on the company. Annuity companies are required to invest in investment-grade bonds, providing stability, unlike banks that had to sell bonds during the recent crisis. ...
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4 Contractual Paths to Income Later: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: 4 contractual paths to future income Factors that affect the suitability of a plan for your situation Immediate Annuities No free lunch Key Takeaways: There are 4 main contractual paths to achieve future income: 1) Buying an immediate annuity when income is needed, 2) Using a "My Go-To SPIA" Fixed-Rate Annuity, 3) Purchasing a deferred income annuity (DIA), and 4) Buying an Indexed Annuity with an Income Rider. Each of the 4 options has its own advantages and disadvantages, and the best choice...
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The Reality of Inflation: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Should you complain about inflation? The people actually impacted by inflation Annuity products that provide solutions for inflation Avoiding media influence regarding inflation Key Takeaways: Stop complaining about inflation. For those who have worked hard and saved, higher prices for groceries and gas are manageable. Focus on living your life to the fullest rather than worrying about inflation. Recognize the reality that 60% of Americans are living paycheck-to-paycheck and are severely...
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Building a Pension from Scratch: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Using annuities to create a pension The best inflation annuity Focusing on guarantees Key Takeaways: Annuities can be used to create a personal pension that provides a guaranteed lifetime income stream, similar to a traditional pension. The main annuity types discussed are Single Premium Immediate Annuities (SPIAs), Deferred Income Annuities (DIAs), Qualified Longevity Annuity Contracts (QLACs), and Income Riders. Social Security is considered the best inflation annuity and pension, and no commercial...
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When Annuitization Becomes the Final Choice: Shootin' It Straight with Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Options that annuities provide Living off interest When to annuitize Laddering interest rate movements Key Takeaways: Annuities provide more options than just immediate lifetime income annuities. There are various types like Multi-Year Guarantee Annuities, Index Annuities, Variable Annuities, and Deferred Income Annuities that can be used for different income needs. With current interest rates, it may be possible to live off the interest from a portfolio of fixed-rate annuities and CDs without having...
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Strategic Retirement Planning Using Annuities: Shootin’ It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: The Annuity Pill Questions to ask when considering an annuity Annuities are contracts Key Takeaways: Remember the acronym PILL, as the four primary things that annuities solve for. P stands for principal protection, I stands for income for life, the first L stands for legacy, and the other L stands for long-term care. When considering an annuity, ask yourself these two important questions: “What do you want the money to contractually do?” and “when do you want those contractual guarantees to...
info_outlineIn this episode, The Annuity Man and Jamie Hopkins discuss:
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ROS - Return on Sleep
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From an accumulation to a decumulation mindset
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Living your retirement meaningfully
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Changing your relationship with money
Key Takeaways:
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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.
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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 don’t convert it into anything that will make your retirement a joyful experience.
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If you go into retirement and end up not having any passion for anything or not having anything you care about, you’re not gonna have a great retirement - whatever it might be, find that piece that will make your retirement meaningful for you. That’s true wealth.
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Think about rewiring your preconceptions around money and wealth - it takes more than planning, it takes coaching and being aware of the misconceptions that you hold.
"Would you give up all your money if it means that you’ll be happy for the rest of your life? Most people would say yes - that’s what we’re aiming for. Dollars are a means to an end." — Jamie Hopkins
Connect with Jamie Hopkins:
Website: https://www.jamiehopkins.com/
Twitter: https://twitter.com/RetirementRisks
Book: https://www.jamiehopkins.com/book/
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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