075 John Lenz: The Annuity Mechanic says Live, Die, or Quit

About Fun With Annuities Episode #75

I have come up with the appropriate nickname for John Lenz - The Annuity Mechanic. He can fix any situation, and he has seen everything over his 40-year career. As I said during the podcast, if there was such a thing as an "Annuity Room," and John walked into it, he would be the smartest person there.

Love John’s perspective when he shared, "Can an annuity work in this situation? Yes… you can basically establish your own reserve. Instead of paying a tax every year, you can write a check to the insurance company, create a long-term care annuity.”

During the podcast, we discussed the current situation in Washington (John's home state), where the government has required everyone to have LTC coverage or pay a tax. What a great example of politicians writing a check with their mouths that the government can't cash. In other words, they created a total mess. Listen in because John has some good solutions for the residents of Washington state and everyone's retirement planning in general.

We also covered current annuity carrier struggles that don't revolve around low-interest rates….and the outlook for annuity consumers.

Some of my favorite topics we discussed:

• Can you retire yet?
• Income Riders vs. Annuitization
• Renewal Rates on FIAs and liquidity issues
• Does tax deferral over time make sense?
• Does it make sense to take the death benefit, or should a spouse take over the annuity policy when their partner dies?

The Annuity Mechanic (aka John Lenz) does not disappoint during this podcast. He is an annuity industry treasure and someone that consumers should listen to every time he provides advice.

I will guarantee that you are going to learn a ton listening to this podcast. And as you know, I only care about guarantees!

Brief Bio on Co-host John Lenz:

This week’s celebrity co-host is an annuity rock star who has seen it all with 40 years in the business. John Lenz is the founder and President of the Lenz Financial Group, a Simplicity Group company, and full-service brokerage agency which distributes life, annuity and long-term care insurance products to insurance professionals and financial advisors. They provide complete back-office support to experienced advisors in the areas of life insurance, estate planning, and financial planner. LFG is also a principal member of the Insurance Designers of America.

He wants to make sure people have a good buying experience and get what THEY need. So, his goal is to make sure financial professionals have the tools make that happen. This guy is plugged into the markets and there is no one better to tell us what’s new and what we need to be paying attention to.

In this episode, The Annuity Man and John Lenz discuss:

• How people reacted to the new payroll tax rule for LTC in Washington state.
• Live, die, quit - find out what that means
• Making mathematical decisions for your retirement

Key Takeaways:

• Live, die, quit. If you live, and you need long term care services, you’ll benefit. If you die, your family will benefit. If you quit, you’ll get your money back or some multiple or percentage of it depending on your plan.
• The benefit from where you’re coming from to where you’re going to - “the going to” has to be better mathematically.

Fun With Annuities Podcast is hosted by America’s Annuity Agent®, Stan Haithcock, The Annuity Man®. Hear brutal annuity facts with no sales pitches from the top independent agent in the country, licensed in all 50 states. Author of 7 books, Stan dives deep on all annuity types and strategies. It’s fun, learning the contractual truths on how annuities actually work and if they’ll fit your personal retirement lifestyle.

Listen in on how you can be livin’ the reality, not the dream. Listen and subscribe on Libsyn, Stitcher, Apple Podcasts, Google Podcasts, Amazon Podcasts, and Spotify.