Sheryl Garrett: Financial Planning On YOUR Terms
“Fun With Annuities” The Annuity Man Podcast
Release Date: 08/13/2024
Why the “Perfect Annuity” Is a Myth: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Recognizing annuity trade-offs Focusing on contractual guarantees Asking the right questions Evaluating strength over sales pitches Key Takeaways: No annuity is perfect; each comes with both benefits and limitations. They should be understood as commodity products rather than flawless solutions. Annuities should always be purchased for their contractual promises, such as lifetime income or principal protection, rather than hypothetical returns. The key to choosing the right annuity is identifying what you want the...
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The Truth About Annuities | How Income & Guarantees Really Work
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Annuities as lifetime income How annuities are priced Focus on contractual guarantees Two primary purposes of annuities Key Takeaways: Annuities, like Social Security or pensions, provide guaranteed income for life. They come in several forms, such as immediate, deferred, and longevity annuities, each designed to fit different timing and retirement needs. The pricing of annuities is based on life expectancy, interest rates, and insurer capacity. Because of these factors, annuity quotes change frequently, much like...
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Smart Annuity Income Planning Explained: Shootin' It Straight with Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: The value of annuities for lifetime income planning Laddering strategy with annuities Placing an annuity inside a trust Key Takeaways: When it comes to planning for lifetime income, annuities can be a valuable tool. However, it's essential to approach annuities with strategies that allow for flexibility and the ability to adapt to changing circumstances. By purchasing multiple annuities with different start dates, you can create a steady stream of income that aligns with your needs over time. This...
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The 3 Annuity Strategies for Principal Protection: Shootin' It Straight with Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: CDs and MYGAs I-bond no-brainer The safest product in principal protection How safe are MYGAs? Key Takeaways: Here’s how CDs (Certificate of Deposit) work: you give the bank money, they protect the principal, and you don’t have to pay any fees. You can take the interest if you want to at the end of the term, and do what you want with your money. MYGAs are basically the annuity industry’s version of a CD. Treasury bonds are a no-brainer. Go to treasurydirect.gov to buy them for yourself. The...
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Can Your Annuity Income Increase With Inflation?: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Annuities that increase with inflation The role of interest rates in pricing For products that adjust for inflation Reverse-engineering your income floor Key Takeaways: Annuities don’t give things away for free. A product that magically increases with inflation doesn’t exist. Lifetime income is primarily priced based on your life expectancy at the time you take the payment. Interest rates play a minor role. For products that have a potential or contractual increase for inflation, the...
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How to Reverse Engineer Annuities to Fight Inflation: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Products that adjust for inflation Thinking rationally about inflation Reverse-engineering annuity Key Takeaways: Many bad sales pitches out there mention a way to beat inflation using indexed products that adjust for inflation. What really happens is that the annuity company severely lowers the initial payment to make up for any potential increase. Think rationally about inflation. It’s customizable to everybody, meaning not everyone is affected the same way. Some are not even affected at...
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Searching for Growth or Guarantees? Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Threading the needle with volatility Freedom from volatility Annuities are the haystack Time to secure guarantees Key Takeaways: Threading the needle to get market returns makes you dependent upon so much unknown. You’re dependent on world markets, geopolitical events, and meltdowns that are impossible to predict. A lot of people can retire from their jobs and the market, and they should; those who can’t yet should make it a goal to do that and be free from being dependent on volatility. ...
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Don’t Fall for Hypothetical Annuity Returns: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
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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Flexible Annuity Start Dates Explained: Shootin' It Straight With Stan
“Fun With Annuities” The Annuity Man Podcast
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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Annuities For A 9-Year Old: Shootin' It Straight With Stan (TAM Classic)
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Buying an annuity that you understand Annuities aren’t one-size-fits-all How to know if you understand a product Key Takeaways: When buying an annuity, remember that if a product sounds too good to be true, it is every single time. Some annuities are more complex, and most agents cannot explain them well, let alone even comprehend them themselves. Currently, the annuity industry has an unbalanced way of compensation for different types of products. Agents get a higher commission for selling a...
info_outlineIn this episode, The Annuity Man and Sheryl Garrett discuss:
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The role of a financial planner
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How the industry should be
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Hiring the right planner
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Being aggressive with cash flow
Key Takeaways:
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Many personal, financial, economic, and psychological things are coming together all at once. The planner’s role is to help clients see through all of that and reach out to the appropriate specialist when they need certain products or services fulfilled for the clients.
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Everybody has questions about their personal finances. People in the industry should be working towards making it easier for people to understand finances.
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Don’t hire anybody with disciplinary issues on their records. There are plenty of people to pick that don’t have any on the record. Make sure the person you’re talking to is working as a fiduciary.
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We need to be aggressive about our cash flow. Aggressive, conscious of where our money is going, where it’s coming from, and how it will move in the future.
"We’ve been trained to go get a second opinion if we have a significant medical issue come up, but why in the world do we not get a second opinion if we’re getting ready to make a decision as significant as retirement." — Sheryl Garrett.
Connect with Sheryl Garrett:
Website: https://garrettinvestmentadvisors.com/
LinkedIn: https://www.linkedin.com/in/sherylgarrett/
Twitter: https://twitter.com/SherylGarrett
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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