Should You Own an Annuity of Any Type if Your 80+ Years Old?: Q&A With Stan

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Hi there, Q&A with Stan. Stan the

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Annuity Man, America's annuity agent,

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licensed in all 50 states. Question of

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the day is, should you own an annuity of

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any type if you're 80 years or older or

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old, whatever old is to you? 80, 85, 90.

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The question that the answer to that is

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maybe. Okay, it really comes down to

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what you're looking them for the money

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to do. We always ask two questions. What

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do you want the money to contractually

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do? And when do you want those

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contractual guarantees to start? I don't

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care if you're 55, 65, 75, 85, we're

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going to ask you that question. Um, what

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do you want the money to contractually

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do? Um, what what's interesting in the

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annuity world, like some products once

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you get to age 80, there's not as many

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available. Um, but you still can buy a

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lifetime income product, you can buy a

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period certain payment product, you can

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buy a multi-year guarantee fixed

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annuity, CD type annuity product if that

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fits. But when you speak with us and my

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team my team here that are all qualified

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and I oversee all cases. I mean I look

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at them all. Um we're going to we're

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going to really ask like what are you

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trying to do? You know is it legacy? Do

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you want to leave money to your heirs or

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do you want to create a lifetime income

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stream between age 80 and 90 or 80 and

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95? You know we're going to make sure

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that you understand the good and the bad

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and the limitations and the benefits.

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all annuity types that you're

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considering. And we're going to also

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either work with your family if you want

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us to, uh, your durable power of

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attorney if you want us to, your CPA or

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attorney if you want us to to make sure

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that you're doing the right thing and

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making a good decision. Remember,

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annuities are contracts. You're

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contracts between the issuing life

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insurance company and you. So, you have

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to feel comfortable with the contractual

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guarantees that are being offered and

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that you can lock in. Um, and give you

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an example. You know, we had a a

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situation the other day. Person is um 80

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years old, okay? And they wanted to buy

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a multi-year guarantee annuity, but they

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also wanted to use it as a legacy

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product. Um, you know, we talked about

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maybe locking in something for 5 years

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or maybe locking in something for 10.

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The comment was, well, what if I'm not

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alive 10 years from now? And my comment

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was, hey, doesn't matter 100% of any any

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of the money and all interest

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accumulated is going to go 100% to the

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beneficiary. the annuity company's not

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going to keep a penny. We also had

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another one recently where uh the person

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was 90 years old. Okay, so you say,

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"Well, what would a 90-year-old want

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with an annuity?" Well, they wanted to

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make sure there was an income stream

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coming in to cover uh the facility that

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they were living in. But they also

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wanted to make sure that that money

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didn't go poof. So, what we did was a

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10-year period certain payout annuity,

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which means it's going to pay for 10

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years whether that person's alive or

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not. made sure the beneficiaries were

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were in place, whether it was trust or

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some specific person or family or

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persons in the family. So, somebody in

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that family was going to get 10 years of

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payments. And that 90-year-old felt

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pretty comfortable with that. We feel

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very comfortable with that. Obviously,

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we run that by the attorneys and the

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CPAs and all that, but ju doesn't

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disqualify you from annuities, but I

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think the conversation is more detailed

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for what you're trying to solve for. you

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know, obviously you're not looking for

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market growth at age 80, unless I guess

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you're Gordon Gecko at age 80. Um, I

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don't know. Uh, but we're going to have

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those conversations. I've been to that

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rodeo a lot. So, you know, if that's the

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situation and you want me to get

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involved personally, I will. My team has

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been there as well. I oversee all cases.

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But, there are good strategies

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regardless of your age, regardless of

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how old, whatever that means to you. uh

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regardless how old you are, we will show

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you strategies and then we'll leave you

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alone to make your decision on your

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terms and your time frame. So, you know,

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should someone 80 or older buy an

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annuity? The answer is maybe. Um and to

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quantify that even more is and qualify

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that even more is if we've had a good

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conversation and you understand the

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guarantees that are in place and it

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makes sense for you and your family. My

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name is Stan the Annuity Man. That's

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Q&A. See you next time.