How To Boost Retirement Income

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Hi there, Stan the Annuity Man, America's annuity agent, licensed in all 50 states.

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Today's topic is how to boost your retirement income. Not sure how we're going

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to define that because it sounds like it's like this, you know, turbocharge or something like

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that. Can't do that. But we certainly can put in contractual guarantees that will enhance

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and boost what you currently are getting. And we're going to discuss that after this.

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So, I'm going through this late life crisis. My wife said, "Isn't it a midlife crisis?" I'm like,

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"No, when you're in your 60s, that's late life." So, I'm going through this late life crisis that

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the car that I wanted when I was 16 years old and my dad said, "no," I went and bought. So,

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it's a sports car. Haven't had one. So, I had, it's like I go really fast for three seconds and

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then drive like a grandfather, which I am, the rest of the time. But to me, that's what boost

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means. That's an engine. It's a boost. But when you're looking to boost your retirement income,

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I really think it's adding to, I think boost should be add to your retirement income.

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So, let's look at the retirement income you currently have and the

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annuities you currently own. Yes, you own annuities. Just going to point it out. So,

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the first annuity that you own, lifetime income payment, is Social Security. It's

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the best inflation annuity on the planet because politicians raise it without looking at any math,

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numbers, or guarantees. They just raise it because you're voters.

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Second annuity that you own is what I, and I get arguments about this all the time,

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but I'm right, is if you own an IRA, when you turn a specific age, the IRS is going to tap you

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on the shoulder and say you owe us what's called RMDs, required minimum distributions. In English,

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that means please take money out because we, meaning the IRS, want to tax you on that money

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that you don't need to take out, but you're going to be doing that for the rest of your

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life and as long as there's money in the account so the IRS can get those taxes that you've been

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delaying because it's been tax-deferred all these times. We're talking about 401(k)s, IRAs, 403(b)s,

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457 plans, deferred plans, deferring. Okay, so that's the second annuity type,

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pension that you own. Third, is if you own a pension,

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like if your company offers a pension or if you work for the federal government or

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a state government or something like that. Maybe a nonprofit has a pension involved.

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If you're so fortunate, because only 9% of the people out there have a pension,

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then you know that's an annuity that's going to pay as long as you're breathing.

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And then I guess the fourth leg to that stool is annuities for lifetime income.

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And those annuities, different types, SPIAs, DIAs, QLACs, and income riders. SPIAs mean

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single premium immediate annuity or immediate annuities. DIAs are deferred income annuities,

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which is a SPIA that's deferred. QLAC, qualified longevity annuity contract,

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which was put on the planet in 2014 by the Treasury and the IRS, which is in essence

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a DIA. And then income riders that are attached to either variable or index annuities. We won't

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care anything about those products, only the income rider contractual guarantees.

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So with income that you're planning for, you always have to ask the question,

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when do you want that income to start? So there's two questions we always say. What do

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you want the money to contractually do? When do you want those contractual guarantees to start?

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So when do you want that income to start? That second answer is going to determine what product

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type would fit best for your situation and provide the highest contractual guarantee.

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There's no perfect annuity. There's no best annuity. The best annuity and the perfect annuity

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for you is the one that provides the highest contractual guarantee for that income start date

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that you determine and you tell us about. You can run those quotes 24/7/365 at theannuityman.com.

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You can do that yourself. You can just go to the quotes and run them to your heart's content.

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You can run what a lump sum would be. You could run what a reverse-engineered amount,

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a monthly income amount, would be. You can run it single life, joint life, IRA,

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non-IRA. Run quotes to your heart's content. Hundreds of thousands of quotes run on our site.

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I guess we'll be approaching that million here pretty soon. But we give that away. I pay for it,

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but we give that away because I want you to be able to shop on your own terms.

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Understand that lifetime income with annuities is priced primarily on your life expectancy,

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or if it's joint life, expectancies, at the time you take the payment. Interest

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rates play a secondary role. Let me repeat that. Interest rates, the Fed,

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play a minor secondary role in the pricing. It's all about your life expectancy. The older you are,

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the higher the payment because there's less projected payments. So they're going to be higher.

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The younger you are, the lower the payments because there's more projected payments. Just

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like Social Security. Are the payments higher at 62 or are they higher at 70? 70. Why?

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Because you have less life expectancy, so less projected payments. So the payments are higher.

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The good news about lifetime income products with annuities is that you can structure it so that

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100% of any unused money goes to the family, goes to your beneficiaries. The annuity company doesn't

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keep it. That structure is called life only, but that's one of 45 different ways to structure it.

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So if you said to me, Stan, or one of my people in my office in Las Vegas, say,

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"Hey, we want to make sure that 100% of this money goes to somebody or our family. So if we

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die early in the contract, we want to know that the annuity company, the evil annuity company,

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is not going to keep a penny." We can structure it contractually so that happens.

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We also contractually structure it so that let's just say you want income to

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start in seven years or six years or five years or

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ten years. We can structure it so that if you die before the income starts,

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100% of the money goes to the beneficiaries. So regardless of what happens, the money is going to

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stay in the family even though the annuity company is on the contractual hook to pay.

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If I get one thing through to you, I want that to go through, is money doesn't go poof. Too many

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people in the country believe that if you buy an annuity and you die, money goes away.

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It doesn't. You can contractually structure it so that 100% goes to your beneficiaries.

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Now, we can have that money go in a lump sum form to your beneficiary or what I call

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lovingly handcuffing your beneficiaries. You can have it come in payment form. Either or. Like my

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daughters are 29 and 27. They're getting payment form. I know they're going to come to my funeral,

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and I know they're going to be upset for at least a day or so. But I don't want them buying

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the helicopter. I want them to make payments on the helicopter because if they got the lump sum,

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maybe they buy the helicopter. Maybe you have those kids as well. But I'm going to make sure

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that they're handcuffed to where they can't get to the lump sum. They're going to get payments.

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And I do that for a lot of people that have doubts that Social Security will be there

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for our kids. So I've done that for my kids as well. There's lifetime income payments in place

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for them when they're in their 50s, just in case Social Security is not around. Hopefully it is.

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Hopefully our country gets it together from the debt standpoint. But from a lifetime

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income standpoint, you need to just look at all that you have, what I call the income floor. You

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need to add all of that up. Okay? Add it all up and see if there's a gap missing.

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Give an example. Let's just say that your monthly expenses, that's including going out

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to eat and traveling and seeing the grandkids and the kids and doing all the things you want to do,

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that's $5,000 a month. I'm throwing that out. Okay? $5,000 a month. And

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you've added all the income streams coming in and you're at $4,500 a month. That's

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when we go into the immediate annuity world, quote all carriers, A+ or better,

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to solve for that $500 gap. All right? And we can reverse-engineer the quote, meaning

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we can find out the carriers that will back up that guarantee using the least amount of money.

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And we represent all carriers. There's not one carrier that's better than the other.

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All these quotes are like a gallon of milk unless you lock them in,

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meaning they expire in every 7 to 10 days.

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One last thing about income. Let's talk about this gorilla in the room. It's inflation. What

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do we do with inflation, Stan the Annuity Man? Well, there's not an annuity on the planet,

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regardless of what you hear locally from your agents and advisers. There's not an annuity

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on the planet that adjusts for inflation. It just doesn't happen. There's no such product.

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Now, they'll tell you that, well, the index, when the index grows,

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you get this on your income. The annuity companies don't give that away. Any type of increase,

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whether it's contractual or proposed potential increase to the income, all the annuity company

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simply does is severely lower the initial amount of income as compared as if you did not get that

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increase contractually. Okay? So in my opinion, I would not buy that because it's the dream,

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and if it sounds too good to be true, it is every single time. So do not do that.

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So inflation can be solved at the time, at the time that gap needs to be filled in

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your income floor. So, how do you boost your retirement income? You don't boost

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it. You buy a sports car, and that's got your boost. What you do, though,

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is fill gaps with annuities if needed. If you came back to me and said, "We've

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got enough money in our income floor," then you don't need an annuity, and we will tell you that.

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So, do me one favor. Above my head, there's a link. Click that,

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and it tells the story about the Annuity Man, how the company was started,

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and why you need to consider us as your source for an annuity if an annuity

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fits you and your situation. My name is Stan the Annuity Man. See you next time.