.svg)
Lifestyle Magazine®
Hack Your Wealth Podcast: Annuities explained: is annuity income a good investment in retirement?
It was a pleasure to share the mic with Andrew Chen, founder of Hack Your Wealth, Wealth Building Hacks for Lawyers, Engineers, & MBAs.
On October 18, 2021 (Episode 082) Andrew and I had a great conversation on his weekly podcast that covered the basics of annuities and dispelling the myths.
10 Questions from the Interview:
- What annuities are, what purpose they serve?
- How the different key types of annuities work
- How fixed annuities account for inflation?
- How insurance companies make money on annuities, how fees and expenses are typically structured, typical all-in cost consumers should expect to pay?
- How to vet insurance companies that sell annuities, what questions to ask
- The mechanics of how to actually buy an annuity
- How agents are compensated, how to vet an agent before buying
- What protections there are if the insurance company goes bankrupt
- Annuities for early retirees (does it even make sense?)
- What investor profile is best suited for annuities?
From those fantastic questions, we dove into the details. Andrew's audience is typically younger than my "Fun With Annuities®" podcast listeners, so we spent a lot of time on the suitability and appropriateness of an annuity purchase and how specific annuity types fit.
There's a lot of financial IQ on this podcast, and I really enjoyed speaking with Andrew on his "Hack Your Wealth" podcast. At the end, I think you will agree that we factually "hacked" annuities as well. I would encourage you to go to Andrew's site and see what nuggets you can find.
