How To Prepare For Retirement On A Low Income

0:00
Hi there, Stan the Annuity Man, America's annuity agent, licensed in all 50 states, top agent in the

0:05
country, and the tallest if that matters to you. It did matter to my coach in college when I was

0:10
playing basketball. You know, shooting a jumper as they say. Today's topic is how to prepare for

0:15
retirement on a low income. This is important to me. I grew up in North Carolina, North Kakalaki.

0:22
Okay? Didn't have a lot of money. Parents didn't have a lot of money. Grandparents didn't have a

0:26
lot of money. In fact, I didn't even know anybody with a lot of money, which is the reason I'm in

0:30
the business because I wanted to find out where everybody's getting the money. So, we're going

0:33
to talk about how to prepare for retirement on a low income. You can do it and I want to help.

0:47
Alright, so, how to prepare for retirement on a low income? And I think I'm talking to the vast

0:53
majority of Americans out there. And it's okay if you want to read a great book. It's called

0:58
Millionaire Next Door. And Millionaire Next Door, go check it out at the library if there are such

1:03
things anymore or Amazon. And what it says is most of the millionaires in this country, it's not the

1:09
dweeb that's driving the BMW, you know, with the slick back hair. It's not that. It's the dude and

1:15
the dudette driving the Honda Accord. They've been frugally saving their money regardless of how much

1:20
they make. I think the median household income in this country-- two incomes is around $50,000 to

1:26
$60,000 if I'm not mistaken. You can still build a good retirement income by doing that. Obviously,

1:32
you have to be frugal. Obviously, you have to save and be disciplined, but you can do

1:36
that now. And there are annuity products out there that allow you to add money to the policy

1:44
ongoing if we feel that's the right decision for you. I mean, we have no problem at The Annuity

1:49
Man saying you don't need to do an annuity or you-- you're-- you know, you're too young for

1:53
an annuity. Big C behind the camera, he told me confidentially, I bought this annuity. I'm like,

1:58
dude, I've got cowboy boots older than you. What the heck are you doing? It's cuz Johnny Apple Seed

2:03
agent sold him an annuity. He doesn't need an annuity. And the point if you listen, listen,

2:08
listen, focus. If you're less than 50 years old, stay in the markets. You do not need an

2:15
annuity. And if you think you're the exception, shoot me an email at stantheanuityman.com.

2:20
And if it's the exception, then I'll say, "Okay, it's the exception." But 99.9999999%

2:27
of you below 50 do not need an annuity. Hello. Hello. Okay. Now, for people that are inching

2:34
toward retirement, pointing toward retirement, you know, when you get like me, you're saying, "Stan,

2:39
but you're so young." No, I'm at the time of this taping, I'm 61. I know you're going, "There's no

2:43
way." It's true. I just take a lot of vitamins and stand up straight. I hear my mom in the back

2:49
going, "Stand up straight, son." Um, the point is, you can put money away for retirement. Now, do you

2:55
have to buy an annuity now for retirement in the future? No. You could keep your powder dry and put

3:00
it in investments that don't lose your money, treasuries, munis, CDs, money market, etc. You

3:07
don't have to go all in on the stock market, even though everyone tells you you should. And then at

3:11
the time you need retirement income, you can buy what's called a single premium immediate annuity,

3:16
which is the granddaddy of all annuities. Been sold in this country for over 300 years. Remember

3:21
that all commissions are built into annuities so you don't see them. But the more simple the

3:25
product, the better it is for the consumer. I always tell people if you can't explain it

3:29
to a 9-year-old, no offense to nine-year-olds, then don't buy it. If the formula has letters in

3:35
it for the math formula, don't buy it. Okay? If you can't explain it to a nine-year-old,

3:39
don't buy it. Single premium immediate annuities are the most efficient way to do it. It's a pure

3:44
transfer risk. No market attachments, no moving parts, no annual fees. It's a straight transfer

3:51
risk pension product just like your other annuity social security. Just like that. It's

3:58
a lifetime payment. It's going to pay you or you and your spouse as long as you are breathing. And

4:04
we can structure it so that the evil annuity company when your Learjet hits the mountain,

4:08
you're renting it. Of course, you're not buying. I mean, you like lease, you know, one of those lease

4:12
things hits the mountain, you die, 100% of any unused money goes to the list of beneficiaries,

4:17
and the evil annuity company never keeps a penny. So, if you're on a low income, and you,

4:21
let's just say you have five or 10 more years to work, you wish you were making more money, but

4:25
you're living okay, but you can put some aside, then put some aside. You can contact us and say,

4:30
"Okay, tell us about the flexible premium." In English, that means I can add money to it.

4:35
flexible premium annuities that you could possibly consider for lifetime income in the future. We'll

4:41
run those quotes for you. We'll show you those illustrations. We'll quote only the best carriers

4:45
A+ or better for lifetime income for your specific situation. But we might get to the end of the

4:51
conversation and say, "You know what? Just keep your powder dry. Keep it in CDs. Keep it in money

4:55
market. Keep it in treasuries. Keep it in what my friend Terry Savage calls chicken money. You know,

5:00
it's not that you're a chicken. It's just you don't want to lose money." my good friend Warren

5:03
Buffett. No, we're not friends. And he just recently retired, but he has he has a a saying

5:08
that I always go by. Two rules. Rule number one, never lose money. Rule number two, don't forget

5:15
rule number one. Okay. You know, I was thinking about Warren Buffett and I just I got teary and

5:20
you know, Charlie Monger, Warren Buffett, and I lost my train of thought. You're saying, Stan,

5:24
is that possible? 61. Yeah, it's possible. That's what I'm that's that's that's my age at this this

5:29
time of the taping. But a lot of you out there can't afford for the market to go down drastically

5:36
or there'll be a black swan event or maybe a bomb goes off here or there or we invade a country just

5:42
just saying okay just weird things happen and the market goes down. A lot of you are really close to

5:47
the finish line. you can't afford that 20 30% drop as you know and if you don't I'm getting ready to

5:53
tell you when you inch toward retirement decrease decrease decrease the risk or decrisk the ree one

6:02
of the two translate it however you want but the point is when you get closer don't stay aggressive

6:07
unless you're Johnny trader I mean I had a guy the other day call me I and I I give this

6:13
example all the time because it's so bizarre he's been a client for a long time he's a corn futures

6:18
trader. I don't even know what that means. Like, I like corn. I'm going to buy corn in the future.

6:22
Whatever. But he's very aggressive with his money. Very aggressive. And I think he's probably pushing

6:27
80. And he always calls me, man. I'd never buy an annuity, but I got to buy one for Ethel. So,

6:32
he's buying it for Ethel because I'll guarantee you if you're married out there, I know where I'm

6:37
going with this. If you're married out there, one of you hates risk. Can I get an amen on that? Can

6:42
I get an annuity amen on that? My wife, the lovely Christine, married 37 years martyr. I mean, you're

6:48
talking about martyr. That's a martyr. She's a masochist. Okay. Is that right? Yeah. Masochist.

6:54
The point is this. One of you do not like risk. But both of you eventually will not like risk. So,

7:02
as you get to the finish line, whether you're high income or low income, you need to start derisking

7:08
that portfolio. You need to start looking at annuities that you can add to flexible premium,

7:14
add to over time and work with my team on that. Define those annuities. But the bottom line is

7:21
forget retirement income levels. Forget the fact that you might not like the the income

7:26
level that you're at now. You can put money away for retirement in the future. similar to what

7:33
you probably are doing with your 401k where you have an employer that hopefully matches what you

7:38
put in. You're incrementally monthly putting that money away or quarterly or however you have it set

7:43
up. You can do the same thing with lifetime income annuity starting at a future date. So you can say,

7:50
Stan, okay, we're 52. We're going to retire at 62. We want to start putting money in this

7:56
annuity and know to the penny what that income stream is going to be at age 62. We can do that.

8:01
You buy an annuity for what it will do, not what it might do. And those will do are the

8:05
contractual guarantees of the policy. That's all we look at. We don't look at hypotheticals and

8:10
theoreticals and caps and spreads and nonsense. Garbage. If you're looking for market returns,

8:16
stay in the market. If you're looking for lifetime income, annuities, remember, annuities solve for

8:20
four things. Principal protection, income for life, legacy, and long-term care. The acronym is

8:25
pill. We're looking at the I, the income for life. and you on a low income can pull that off. And we

8:32
want to help. You can have two types of advisors. Advisors that grew up rich or advisors that grew

8:37
up poor. And advisors that grew up poor give a crap. We give a crap about every penny. We don't

8:43
judge. And we're going to help you. Do me a favor. Go to this video. I explain more about what we do

8:48
at the annuity man. We're not hammers looking for nails, okay? We're here to help. and we use our

8:54
ears and our mouth in proportion two to one. We're going to listen to you. So go to that video,

9:01
hit subscribe, do all those things that all those YouTubers say to do. I

9:05
don't care about that. I care about you. Okay? Do that if you want to. But I'll see you next time.