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Gary Baker: The Growth of Group and Fee-Based Annuities

Stan Haithcock
April 23, 2024
Gary Baker: The Growth of Group and Fee-Based Annuities

In this episode, The Annuity Man and Gary Baker discuss:

  • The Secure Act's role in making annuities more accessible within 401(k) plans
  • Lifetime guaranteed income options within 401(k) target date funds
  • The widespread inclusion of lifetime income options
  • How annuities can alleviate pressure on Social Security‌

Key Takeaways:

  • 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.
  • 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.
  • 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.
  • 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

Connect with Gary Baker:

Website: CANNEX

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.

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