Annuities Strategies for 80 and 90 Year Olds: Shootin’ It Straight With Stan

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Welcome to Shooting It Straight with

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Stan. I'm your host, Stan, the annuity

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man,

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America's annuity agent, licensed in all

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50 states in Puerto Rico. Today's topic

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is a good one. It comes from a a bunch

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of calls here recently that I've been

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taking. It's annuity strategies for 80

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and 90 year olds. Now, I was going to

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title this annuity strategies for old

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geysers, but you got to define what a

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geyser is. I love I actually like the

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word geyser. Um, actually the only

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person I know with the name Geyser is a

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bass player, Gizer Beller, if you know

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who that is. But anyway, so let's talk

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about if you're in your 80s and 90s, are

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there annuities

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that you should consider? And if so,

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what are those? I will tell you right

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now, you do not need at age 80 and above

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anything like a index annuity, a

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variable annuity, a registered index

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linked annuity. Do not do not buy the

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dream, okay? When you're in your 80s,

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you need to be, in my opinion,

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protecting the principle or creating a

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lifetime income stream. Don't let some

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Johnny Apples Seed agent nut idiot. I

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was going to say numbnut. Sorry. Um,

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sell you the dream of some index product

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or variable product. You do not need

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that. You need that like you need a hole

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in your head. Okay. So for the people

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out there that have annuities like

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variable annuities and you're in your

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mid80s,

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I'm getting a lot of calls from

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obviously the kids and you know they're

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sitting there with mom. Well, she bought

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this variable annuity in 72. What do we

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do with it? What you need to consider

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with that is if she doesn't if you're if

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you're let's just say your mom doesn't

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need lifetime income or you're in your

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80s and you don't need lifetime income,

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but you certainly don't need a variable

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annuity of which you're paying 2 to 3%

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in fees every year because you've

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already built them a building, you need

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to consider doing what's called a

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non-taxable event transfer to like a

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multi-year guarantee annuity. And that's

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what we did with this lady. It's it's a

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CD type annuity. It's a guaranteed

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interest rate annuity.

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If if it's nonirra assets like check

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like you bought it with checking account

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type money, your variable annuity or

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index annuity, whatever, um that's a

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1035 transfer. 1035 is the IRS code that

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says when you transfer from one annuity

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to another annuity, it's a non-t taxable

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event. It does not trigger any taxes. I

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say that slowly so you understand that

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if you decide to work with us and we

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found that that transfer, we're going to

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take care of that. It's a non-t taxable

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event. The cost basis does transfer.

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Now, with multi-year guarantee

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annuities, we sometime reach the fork in

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the road moment because a lot of

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carriers will not sell it to you after

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you're 85 and most, if not all, won't

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sell you a MIGA past age 90.

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So, what do you do, Stan the Annuity

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Man? Let's take the specific case of

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this lady that had the variable annuity.

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She had the variable annuity. She was 87

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years old. She did not need the income.

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She did not need the money. It was a

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legacy play. She's leaving that money to

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her beneficiaries, kids. So, I said, I

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know this sounds crazy, but stay with

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me. I want you to transfer the v

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variable annuity to a 10-year guaranteed

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MIGA.

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Why 10? stand. She's 87. Why would you

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do that? Because after age 90, she can't

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buy anything.

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So we so we put it in place. And so at

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age 97, it's going to return. It's going

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to it's going to mature. Okay. So the

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question is, all right, Stan the Annuity

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Man, Mr. Smarty Pants, what happens at

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age 97? What does she do at age 97?

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There's only one thing. And what she

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buys is a 10-year period certain

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immediate annuity. So she does another

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1035 non-t taxable event transfer to the

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highest paying 10-year pay period

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certain. So it's going to pay for 10

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consecutive years. After that, there's

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no more money. But the good news about

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the 10-year period certain is it is it

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lengthens out the tax liability of all

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of that cost basis that's been

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transferring. So what have I done? I've

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taken her from 87 to 97 with the MIGA

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and from 97 with the MA to 107 with an

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immediate annuity.

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Sound pretty good.

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Now,

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another gentleman, he was 92.

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Well, certainly you can't buy a MA

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because that cut off is a 90 is

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typically 90. So, at 92, what do you do?

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Of course, I'm on the phone with the

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family and I say, "Okay. Um, would

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income make sense at this point?"

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Because that's really with an annuity

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annuities, that's really the only thing

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that's suitable and appropriate for him.

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They're like, "Yeah, that actually that

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actually works. We did we did actually a

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15-year period certain." And you go,

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"Wait a minute, Sam. He's probably not

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going to live to 107." That's okay

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because there's going to be 15 years of

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payments for somebody. But let's just

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say he does live to 105. there's

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payments.

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A lot of times we're taking, you know,

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people that are in their 80s and 90s

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back in when they were in, you know, in

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their 60s, they bought variable

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annuities typically because the index

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annuities weren't even around. Okay? But

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um in most cases, but so they're buying

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variable annuities and they've had these

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variable annuities forever.

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All right? Um, and the best thing to do

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is to strip out all the fees, lock in

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the gain, and then put it in a MIGA.

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Now, there's one caveat to that. If you

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if the variable annuity have what's

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called an income benefit attached to it

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or some contractual death benefit

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attached to it, we're going to make sure

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that we're not going to just transfer it

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to transfer. We're going to make sure

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that we're going to upgrade from where

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you're going to to where you're going to

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be, and we're not leaving benefits on

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the table. There are times that I'll

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say, "Yeah, I've looked at your variable

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annuity." If you just send me a

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statement of that stand at

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theanuityman.com, I'll take a look at

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the statement, say, "That's not

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movable." I tell the truth, so I don't

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have to remember anything. There's no

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agendas. I've sold a quadrillion,

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actually multiple billions of dollars of

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annuities. Um, I do this because I want

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to do this. I do this because I'm the

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best. I do this because I'm America's

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annuity agent. I do this because people

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need to hear the truth. I do this

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because people don't need to just be

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sold some product. They need solutions.

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They need insight.

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So if if you're in your 80s or 90s or if

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you're caring for someone in their 80s

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or 90s, there are solutions that are

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very very simple. No fees, no market

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attachments, no moving parts, just

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contractual. There's solutions for just

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principal protection. And there's

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solutions for income.

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So, just don't sit there and say, "Well,

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there's nothing to do. We're too old."

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Or, "Well, bought that new. I guess I

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just got to hang on to it."

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We might can upgrade it. And we might

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can strip out the fees so you don't have

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to pay any fees.

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And we might protect you your those

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assets from any type of downturn so you

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can leave that money to your

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beneficiaries. And we might set it up to

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where you can enjoy the money, maybe pay

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for assisted living, inhome care,

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something like that. We can do that with

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annuity contractual guarantees. There

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are annuity solutions for people in

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their 80s and 90s, but it's not the

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whisbank fancy products, bonus products,

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all that stuff. Please don't do that.

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I'm begging you. Please.

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I hear horror stories about people in

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their 80s being sold 10-year index

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annuities. They don't. They need that

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like they need a hole in the head. Come

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on now.

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You've already won the game.

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Don't play anymore. Don't play around

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with with hopes and dreams and sales

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pitches. Buy the contractual guarantees.

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We represent every single carrier on the

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planet. But for these specific cases for

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80s and 90 year olds, I'm going to say

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old geysers because I hope to be an old

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geyser one day. Stan the geyser annuity

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man. How about that? I like, you know, I

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won't have any teeth, Zeke. But it'll be

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it'll be unique. Um, I'm going to handle

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your case personally. If I'm here, if

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I'm alive, time of this taping, I'm

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alive, right, Zeke? Kind of. But, you

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know, email me stantheanuityman.com

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or just, you know, f I don't know what

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do we I don't even know where our fax

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number is. Scan or scan and email me the

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uh the statement if you can't do that. I

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couldn't do that. I don't know how to do

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that. just, you know, put the specifics

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of what you own in the email. I'll take

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a look. I'll give you a call. We'll talk

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about it and see if there's a legitimate

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solution that fits you and fits your

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family and fits your goals

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contractually. Not hypothetically,

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contractually. So, there are good

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strategies,

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moral, ethical, suitable strategies for

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people in their 80s and 90s. We just

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have to have that conversation. All

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right, that's shooting straight with

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Stan.