Gary Baker: The Growth of Group and Fee-Based Annuities
“Fun With Annuities” The Annuity Man Podcast
Release Date: 04/23/2024
Enhancing Your Retirement Plan With Annuities: Shootin’ It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: What annuities are for Establishing an income floor How to actually adjust for inflating needs Securing an income stream through annuities Key Takeaways: Annuities provide contractual guarantees for principal protection, lifetime income, legacy, and long-term care (PILL acronym), offering advantages over market investments focused solely on growth. Prioritize establishing an income floor or guaranteed income stream, particularly through fixed annuities, to cover essential expenses in...
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Comparing Index Annuity Income Riders and Dias: Shootin’ It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: An overview of Deferred Income Annuities Finding the best fit Income Riders attached to Indexed Annuities Key Takeaways: DIAs are essentially single premium immediate annuities deferred past one year. It has no moving parts, no annual fees, and no market attachment, making it a straight transfer of risk for lifetime income. DIAs can be used in Roth and traditional IRAs, and are taxed based on the account type. DIAs are efficient, no-cost, no-fee transfer-risk pension products that can be deferred for up to 40...
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Hidden Truths & Facts About Fixed Index Annuities: Shootin’ It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Why are Indexed Annuities sold in a misleading way? Indexed Annuities are not growth products What annuities are for Key Takeaways: Because Indexed Annuities are a high-commission product for agents, they are often promoted in a misleading manner, obscuring their true nature and limitations. Indexed Annuities are not growth products, they are designed for principal protection, CD-type returns, and Income Riders. Indexed Annuities lack dividends, limiting their potential for growth. When it comes to...
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Stan The Annuity Man: New Realities of Annuity Recommendations
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: The Annuity PILL Choosing an annuity carrier Putting the client’s best interest first The future of the annuity industry Key Takeaways: The acronym PILL stands for Principal Protection, Income for life, Legacy, and Long-term care. If you don’t need to contractually solve for one or more of those items in the PILL, then you don’t need an annuity of any type. Never buy an annuity for market growth. Once you’ve determined what you want the money to contractually do and when you want the guarantees to start,...
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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 The best inflation annuity Annuities are a transfer of risk Key Takeaways: Annuities provide lifetime income, principal protection, legacy planning, and long-term care benefits. If you’re not solving for any of those, then you don’t need an annuity. Social Security is the best inflation annuity and you can use it along with pensions to establish an income floor. Annuities offer contractually guaranteed solutions by transferring risk to insurance companies. "Remember that...
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Tailoring Fixed Index Annuities to Your Specific Goals: Shootin’ It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: The purpose of Fixed Index Annuities Buying only for contractual guarantees Why some agents oversell Index Annuities Understanding contractual guarantees Key Takeaways: Fixed Index Annuities are designed for principal protection and lifetime income, not market growth. Buy annuities only for contractual guarantees not for upfront bonuses or agent projections. Index Annuities are complex products often oversold by agents for high commissions. Buyers should thoroughly understand...
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Steve Parrish: Why QLACs Will Rival Roth IRA Popularity
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man and Steve Parrish discuss: What are QLACs? Transferring longevity risks Creating a secure income floor in retirement How annuities are priced Key Takeaways: QLACs (Qualified Longevity Annuity Contracts) are a pro-consumer annuity product that allows transferring longevity risk by using IRA assets for lifetime income guarantees via insurance companies. Longevity risks require pooling mortality credits via longevity annuities from highly-rated carriers to ensure lifelong income. QLACs provide a secure...
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Avoiding Common Pitfalls With Annuity Purchases: Shootin’ It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Focusing on contractual guarantees What annuities solve for Common annuity pitch traps Key Takeaways: Avoid non-guaranteed hypotheticals and focus on contractual guarantees when considering annuities. Buy annuities for specific needs like principal protection, income, long-term care, or legacy, not for market returns. Be wary of urgency sales pitches, steak dinner seminars, advisors behaving like friends, backdated performance illustrations, promised market participation with no downside, upfront bonuses,...
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Fixed Annuities Explained: Which One Is Right for You?: Shootin’ It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Transferring risk through annuities The annuity PILL Annuities are for guarantees and not growth Key Takeaways: Fixed Annuities provide lifetime income by transferring longevity risk to insurance companies. They offer over 40 different structures, such as life/joint life with cash/installment refund. Buy annuities only if your goal is any of these: principal protection, lifetime income, legacy options, and long-term care coverage. Annuities are contracts. They are bought for contractual guarantees...
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Jack Lenenberg: New LTC Product to Disrupt the Industry
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man and Jack Lenenberg discuss: Annuities and long-term care The three primary types of long-term care coverage Tailored long-term care Planning for the future Key Takeaways: Annuities provide principal protection, lifetime income, legacy planning, and long-term care coverage for uninsurable individuals. Long-term care insurance providers offer cash indemnity benefits without requiring receipts for paid caregivers. The three primary types of long-term care coverage are traditional standalone long-term care...
info_outlineIn this episode, The Annuity Man and Gary Baker discuss:
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The Secure Act's role in making annuities more accessible within 401(k) plans
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Lifetime guaranteed income options within 401(k) target date funds
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The widespread inclusion of lifetime income options
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How annuities can alleviate pressure on Social Security
Key Takeaways:
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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 with the opportunity to secure guaranteed lifetime income.
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There are a lot of various options for integrating annuities into target date funds, including Variable, Indexed, and Fixed Annuities with income benefits. However, the adoption rate of these options remains low due to implementation challenges for small employers and the need for more education and support.
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Fee-based advisors are also starting to incorporate annuities into their portfolios, recognizing the demographic tidal wave of retirees seeking guarantees. Advancements in technology have made annuities more manageable within their existing practices, allowing them to better serve their clients' needs.
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As the demand for lifetime income options continues to grow, options too will become more commonplace in defined contribution plans within the next decade. This shift will positively impact the country and alleviate pressure on Social Security.
"Financial advisors should know all the tools available, and then, depending upon the client’s specific situation, feel comfortable and put in the right spot that's in their best interest and the right thing to do." — Gary Baker
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