Terry Savage: The Savage Truth For Your Money in 2024

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[Music]

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welcome to fund with annuities where

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every single week I welcome a celebrity

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guest expert that can help you maximize

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chapter 2 of your life listen learn

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laugh and love every minute of the most

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unique Financial podcast on the planet

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let's get to

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[Music]

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it welcome to fun with annuities I'm

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your host Stan the annuity man America's

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annuity agent licens in all 50 states we

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are honored and thrilled and proud to

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have back a previous guest that really

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needs no introduction if if I tell you

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her name which I'm going to do in a

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couple seconds you don't know who that

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is then shame on you and I'm not sure

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what rock you've been living under her

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name is Terry Savage go to

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terrysavage.com

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we'll have the full bio and all the

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stuff but um she is a goddess of Finance

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in all ways I'm telling you Terry's so

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happy happy to have you back thanks for

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joining me again I'm glad to be back

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with you Stan lot going on yeah let's

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jump in um you know if people want to

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find out about me and you they know

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where to do do that but they they tune

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into this when we start talking because

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they know we're going to have a really

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good conversation that's brutal facts

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and the're hitting on topics that people

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are really concerned about so go ahead

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okay well I want to issue two warnings

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today and now I'm going to tell

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everybody here I don't know how Stan's I

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kind of mentioned this to him he said

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what do you want to talk about said I

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got some warnings but I kind of want to

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surprise you later so don't go away

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because you know Stan's always

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interviewing everyone else but he's my

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go-to resource for my syndicated column

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my books and so forth and I have some

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things on my mind about annuities this

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is a really an honest interview so I'm

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gonna interview Stan which will result a

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good column for me interesting and I'm

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gonna ask him to explain some

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stuff that you may think you know but I

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see stuff coming in from my readers and

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I'm ask Terry blog questions and I think

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something's going on in the annuity

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world so I'm somewhere down the line

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stand when you say it's okay I want to

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turn the tables well let's let's let's

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turn them now I mean I'll go ahead and

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blow up the script because um I when you

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mentioned that I'm like yeah let's go

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ahead and do that but I didn't want to

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give you my answers because or my

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insights until we started recording

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because I wanted them it to be raw and

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um you know I'm going to tell you the

2:24
truth in my op I turned you on already

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all right I have some warnings for you

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all later then I've got I mean literally

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I'm standing by so if you see me looking

2:32
down it just means I'm making notes Let

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me let me start with this so let me

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explain first um my column is syndicated

2:40
nationally at terrysavage.com I have a

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Blog where I answer questions I try and

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keep up I sell nothing I have no clients

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there's no ads on my website I have a

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mailing list for stuff that I send out

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every once in a while I don't sell my

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mailing list I'm fortunate my career in

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the finan financial markets has

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subsidized what I really love to do best

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which is help people okay that said I've

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sort of noticed one thing start on this

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part

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annuities suddenly there's a lot of

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discussion stuff I read about gee the

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American people with the market as we

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speak about all all-time highs have a

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lot of money in their

3:24
401ks and there comes the roll over time

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which we're going to talk about next but

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maybe we should give them something

3:31
inside their 401K in the form of an

3:34
annuity so it will help them manage

3:37
their money better in retirement and all

3:40
this discussion about annuities inside

3:42
401 cases sort of cast a legitimization

3:46
of all the

3:47
salespeople that are out there trying to

3:49
sell you anties separately so what's all

3:52
the talk about annuities in 401ks where

3:55
does that stand well it's it's it's

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basic common sense if you think about it

3:59
from the standpoint of just pure

4:00
capitalism the you know there's 11,000

4:03
baby bers turned in 65 every single day

4:05
it's probably even more than that now in

4:07
the annuity companies life insurance

4:08
companies issue annuities they want to

4:10
get in front of that most of the um the

4:14
accumulation assets are in the 401K

4:16
setting and so they're trying to put

4:19
their products inside of those 401ks so

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that people can plan for Lifetime income

4:26
in the future now it's a similar

4:28
strategy that the government the

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treasury Department and the IRS put

4:32
together with qualified longevity

4:33
annuity contracts and IAS they wanted

4:36
people to be able to plan for Lifetime

4:39
income because Social Security was never

4:41
put on the planet to be the primary

4:42
income source for retirement so cacs

4:45
were put on the planet for that reason

4:47
to use inside of IRAs for Lifetime

4:50
income in case we have some not new

4:52
people qualified life annuity contracts

4:55
but typically those are the kinds of

4:57
things you buy Maybe in your IRA but to

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start not at at 65 or 67 when you retire

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but you say I'll wait till 80 no that's

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that's actually not true qualified

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longevity annuity

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contracts um can literally be purchased

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you know right now rmd started ag72 the

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reason someone would look at qualified

5:17
longevity annuity contracts with using

5:20
Ira assets you can't buy them in non Ira

5:22
assets obviously in Roth IRS it'ss just

5:25
qualified Ira type assets you buy them

5:28
for Lifetime income to start at a future

5:30
date it could be 72 75 80 85 is the

5:34
longest you can go out you can structure

5:35
it so that um your spouse can be a

5:39
lifetime income benefit uh attached to

5:42
that IRA and also that amount of money

5:45
you put in a qualified longevity annuity

5:46
contract is not used when with your

5:48
required minimum distribution

5:49
calculations but getting back to the

5:51
original question of why are annuities

5:53
in 401 case it's truly a capitalistic

5:55
play capitalistic play of a the tidal

5:58
wave of money

6:00
that's coming in front of they want to

6:02
get in front of it here's my problem

6:04
with it let's cut to the chase Stan do

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you like it do you in in concept 30,000

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foot view it makes sense for people to

6:10
transfer risk for Lifetime income here's

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where the problem comes in you have a

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limited choice you have the big boy

6:18
companies that are I don't know how you

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know we can surmise how they're getting

6:23
on the platform um but the there's

6:27
limited choices for Lifetime income

6:29
remember annuities are commodity

6:31
products you shop all carriers for the

6:33
highest contractual guarantees those

6:34
guarantees and those those contractual

6:36
guarantees and those quotes are like a

6:38
gallon of milk they change every seven

6:39
to 10 days so give you an example if

6:42
some 401K has an option for you to buy a

6:45
deferred in commuity and they give you

6:47
two choices there's 30

6:50
choices you should be shopping all 30

6:52
carriers but you're only getting two

6:54
that means you're probably not getting

6:57
the highest contractual guarantee and

6:58
these are contracts and commodities that

7:01
should be chop shot for the highest

7:03
contractual guarantee you should be

7:04
squeezing every contractual Penny you

7:06
can you know go to my site like at the

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annuity man.com and quote it so in other

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words here's what I tell people if

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you're getting two carriers or three

7:14
carriers offered to you look at those

7:16
quotes then go to my site run a

7:18
comparison quote and see if that is even

7:20
in the ballpark my my concern Terry is

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the fword and the FW is not the one

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you're thinking about it's the word

7:27
fiduciary and fiduciary means that I'm

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going to do the best for my client I'm

7:32
going to put their best interest first

7:34
ahead of everyone now a lot of people

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say do you have that plaque on the wall

7:37
I don't need a plaque on the wall I I I

7:39
could have a plaque on the wall that

7:40
says I'm a good guy it would mean the

7:42
same thing anyone in the financial

7:45
business should be putting their clients

7:46
best interest ahead of themselves every

7:48
single time fiduciary should be a given

7:51
like a geometry problem so the the

7:53
problem is if we're going to pound our

7:55
table and say we're fiduciary we have a

7:57
board of directors in 401 okay well if

8:00
you are a fiduciary then are you giving

8:02
your employees the choice to find the

8:05
highest contractual guarantee until

8:08
someone proves to me that they're doing

8:09
that I haven't seen that all right but

8:12
stop for a second okay where all this

8:14
went was you know first of all a lot of

8:17
401ks have high fees expensive mutual

8:20
funds not the best managed funds smaller

8:23
companies their brother-in-law is an

8:25
insurance salesman for a big company and

8:27
he sold them the 401K and the brother

8:29
was getting you know commission and and

8:32
so by definition 401K is your chance to

8:35
save tax deferred it's really a shame

8:37
when you work for a company that has

8:39
high cost bad funds in the 401K and

8:42
there's been a lot of lawsuits about

8:43
against companies for not giving you the

8:46
best stuff now they're about to give you

8:49
or there's a lot of discussion are there

8:51
actually any at 401K plans that are

8:55
allowing these deferred annuities yes

8:59
yes okay already I mean are people

9:01
starting to see this because I'm getting

9:03
questions yeah they are um and Def heard

9:06
annuities that you're referring to a

9:07
typical variable anity or indexed

9:09
annuity type strategy those are starting

9:11
to show up which I

9:13
totally 100% disagree with right now

9:17
because when you're buying when you're

9:19
buying when you're in the accumulation

9:22
wa wait let's wait let me finish that

9:24
thought when you're in the accumulation

9:26
phase of a 401k there should be no

9:28
limitation at all on the upside

9:30
whatsoever when you choose a index or

9:33
variable anity there are limitations on

9:35
the upside now you can attach an income

9:37
writer for a guaranteed income stream at

9:39
a future date but you're also paying a

9:41
fee annually in addition to the 401K fee

9:44
for the life of the policy in my opinion

9:47
you're better off focusing on

9:49
accumulation during the 401K time period

9:52
and then at the end transferring that

9:55
money to an immediate annuity for

9:57
Lifetime income stream at that time

10:00
called keeping your powder dry keep your

10:02
powder dry in my opinion but again you

10:05
have life insurance companies with a

10:06
huge Lobby in DC they make the NRA look

10:09
like pikers they don't need guns they're

10:11
huge they're getting into these 401ks

10:14
and these defined contribution plans so

10:17
that you can buy these products

10:19
hopefully these package products that

10:21
have an annual fee I just I know there's

10:23
Arguments for that I'm just telling you

10:26
I don't like it I don't like where it's

10:28
head all right folks you're in a 401k

10:30
plan and they say we got this annuity

10:33
product for you so you can't lose they

10:35
always say that well they don't say you

10:36
can't lose but you have a you won't lose

10:39
but you're paying for that so rule one

10:42
and I agree completely if it's inside

10:44
your 401k you do not want to buy an

10:49
annuity they're trying to make it look

10:52
like the this will protect you and

10:56
envelop you and take care of you in

10:58
retirement M kind of a thing but if

11:00
you're still working and accumulating I

11:03
was going to say this rule number one

11:05
that's going to be my column is don't

11:07
buy one of these annuities because they

11:09
are Laden with fees limitations on the

11:12
indexes they track and you don't need

11:14
that protection just invest your 401k

11:17
for growth more conservative as you

11:19
retire no but don't fall for that

11:23
now what happens in the rollover Market

11:27
let me go back

11:31
I gotta be logical I want if everybody

11:32
said but wait what about those qacs are

11:35
any

11:36
401ks also offering these kind of defer

11:40
they're like immediate annuities but you

11:41
don't start taking them till later it

11:45
cuts down on the on the amount of your

11:47
account for your rmd that's the amount

11:49
in that annuity is not calculated for

11:51
your rmd and you could say I'm buying it

11:55
for to start at 75 I I really worry

11:58
about running out of money at 80 but

12:00
Stan are those kind of qacs being

12:02
offered in 401K plans for to your

12:04
knowledge I hope not that's for that's

12:06
for when you have control of your IRA

12:08
and you want to uh build up your income

12:10
floor by purchasing that qac after you

12:13
have finished with the 401K but let me

12:15
go backwards a little bit and let me

12:17
tell you what's happening from a

12:19
marketing standpoint and a psychological

12:21
standpoint with these annuities inside a

12:23
401 case they are positioning in my

12:26
opinion these products like Target date

12:29
funds used to be positioned okay they're

12:31
saying well you're going to retire in

12:33
the future so you need a lifetime income

12:35
in the future the question that you have

12:37
to ask as a consumer inside that 401k if

12:39
you're leaning toward buying that if the

12:41
if the person at the lunch seminar is

12:43
trying to convince you to do it is to

12:45
say wait a minute how much are the fees

12:47
annually if I buy this or or better than

12:50
that is this product irrevocable if I

12:54
buy a deferred income annuity inside of

12:56
a

12:57
401k do I can I pivot out of it or is it

13:01
if I rip the knob off the faucet and I

13:03
am I just locked into an income stream

13:05
down the road once again 401ks my

13:09
opinion are accumulation Vehicles you

13:11
can always at the end of that time pivot

13:15
and buy an immediate annuity to

13:17
transition into chapter two of your life

13:19
what the life insurance companies want

13:21
you to do and they're gonna I'm going to

13:22
get all kinds of hate mail for this they

13:24
want you to do that now now are there

13:26
Arguments for that absolutely but I

13:28
don't think there's Arguments for that

13:29
in your 401k there's Arguments for that

13:32
in additional monies outside of that Ira

13:35
non-qualified Roth whatever but 401K

13:38
should be for growth and in my opinion

13:41
there's not an annuity on the planet

13:43
type that should be purchased for growth

13:46
or potential growth okay so that's there

13:50
you have it folks that's part one of my

13:52
question I'm seeing it inside it's the

13:55
the camel's nose Under the Tent so to

13:57
speak for big financial services company

13:58
sure now let's let me just switch this

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is for all of you who are going to be

14:04
approaching uh retirement from your

14:06
company the financial services industry

14:08
look I've been I I started my career as

14:10
a stock broker a zillion years ago I

14:12
mean I've been inside the tent a lot I

14:14
was a founding member of the Chicago

14:16
Board options exchange who' been around

14:18
for a long time and the industry is s a

14:21
great thing but right now they realize

14:23
you talked about the Baby Boomers

14:25
turning 65 about that time they retire

14:28
67 if they wait till full Ag and so

14:31
forth then we are watching people roll

14:35
over a huge amount of money or faced

14:37
with you know honey how do we get 1.3

14:41
million that ought to be enough let's

14:43
start spending or how do we invest it

14:46
and there is an army of people calling

14:50
themselves things like financial

14:54
advisors whatever they're called right

14:56
and they are not fiduciaries

14:59
unless you they will put in writing that

15:01
they're fiduciary that is putting your

15:04
interest first even by the way stop

15:06
that's that's worth the paper it's

15:09
printed on okay we agree but that's

15:11
garbage okay now is in fact right now

15:15
the Department of Labor is trying to

15:17
come up with a new rule I I've always

15:18
said you can't legislate morality

15:20
they're trying to come up with a new

15:22
rule that makes companies responsible

15:24
for finding people to give you fiduciary

15:27
advice on your over no no one in

15:29
Corporate America I sit on a bunch of

15:31
boards would ever take on that

15:33
responsibility of giving you Financial

15:35
advice they think they did a great job

15:37
letting you save and matching your

15:38
contribution so now you're at the

15:40
brink and what I'm hearing I'm getting a

15:43
lot of posts and people don't even know

15:46
what the names of these annuities are

15:48
but you're there let's just say you have

15:51
$1 million and they want you

15:55
to Let's back up the ground rules are we

15:58
know

15:59
that you could take an immediate annuity

16:01
with some of that money but you're only

16:03
67 the odds are you're going to live 25

16:06
years it's a fixed check that immediate

16:08
annuity and at 3% inflation it'll be cut

16:12
the value of the spending power will be

16:13
cut in half in 25 years so you don't

16:16
want to put a whole I mean we'd all love

16:18
to know we got a fixed check for life

16:19
but what will it buy so we want to be

16:21
careful about an immediate annuity on

16:24
the rollover maybe some but I don't know

16:28
see could talk about that let's talk but

16:30
they're also talking to me

16:32
about my my my financial advisor is a

16:35
word I hate because it means nothing

16:38
who's trying to make a commission wants

16:40
me to buy a single premium index annuity

16:43
a single premium something

16:45
annuity what are the sharks circling

16:48
these the the fresh blood money that's

16:51
coming out of 401 case well let's let's

16:53
go backwards a little bit let's talk

16:55
about inflation there's not an annuity

16:56
on the planet that addresses inflation

16:58
even though you're going to hear that

16:59
someone has it they do not anytime type

17:02
of an annuity that addresses uh

17:03
inflation the annuity company is simply

17:05
going to lower that initial payment by

17:07
30 to 40% as opposed to the same exact

17:10
annuity that doesn't have that index

17:12
that option that increases let's fight

17:15
there is one annuity that you might have

17:19
that will keep up with inflation stop

17:22
ter Terry it's called Social Security

17:25
correct okay Absolut no absolutely

17:27
correct that is the cost of living

17:29
increase but that is corre okay Social

17:32
Security is the best inflation annuity

17:34
on the planet and there are some

17:35
pensions out there offered by companies

17:37
that have good inflation protection as

17:38
well but there's not a commercial

17:40
annuity on the planet that addresses for

17:42
inflation the way to address for

17:44
inflation is you f figure out what that

17:46
income floor is that you need and the

17:48
Gap that needs to be filled and use the

17:50
least amount of money to solve for that

17:52
Gap you can go to my site and run

17:53
reverse engineer quotes to do that

17:55
period but what here's the here's a

17:57
couple things people need to understand

17:59
the annuity industry when I talk about

18:01
that that's the National Association of

18:03
insurance Commissioners that every state

18:05
has one they recommend no more than 50%

18:08
of your investable assets should be put

18:10
in annuities That's not including your

18:12
house property cars a guitars that's

18:15
your investable asset so if you have a

18:17
million three as you said or a million

18:19
one coming out of a 401k the annuity

18:22
industry suggests that you not use more

18:25
than half doesn't mean you have to use

18:26
half but if someone's coming to you and

18:28
say let's take that whole shooting match

18:31
that whole amount and roll it into an

18:33
index annuity and get an upfront bonus

18:36
you can't be that stupid you cannot fall

18:40
for that because number one the annuity

18:44
agent in order to get that through has

18:46
to doctor the application to show that

18:51
the net worth and the investable assets

18:53
are not more than 50ish percent so be

18:56
very careful out there there's a lot of

18:58
people that are trying to take the

18:59
entire amount I always tell people with

19:01
annuities remember that their contracts

19:04
you use the least amount of money

19:05
humanly possible to solve for the

19:08
contractual goal needed you

19:11
don't okay don't you like it folks out

19:13
there when I get Stan really riled up I

19:15
can get him riled up like makes me

19:18
well yeah we see

19:20
theu see what habits are right now I

19:22
know I know okay calm down St calm down

19:26
now now my is Terry Savage podcast now

19:29
for aact okay Stan so someone comes up

19:32
to you and says I'm a financial advisor

19:34
they could be with a bigname firm by the

19:36
way uh they could have their own

19:38
advisory for they come in all shapes and

19:41
colors yep I would say you would not

19:44
want to put more than

19:47
20% into an annuity but you can't say

19:49
that you can't say that you again use

19:52
the least amount of money possible to

19:54
solve for the contractual goal that

19:56
could be 20 that could be seven that

19:58
could be whatever but we're not there's

20:00
two kinds of anties they could say to

20:03
okay one of the things they could say to

20:04
you is all right we'll take 20% of your

20:07
money and at this amount it'll give you

20:10
ex a, $1,500 a month for Life won't you

20:13
be happy having that your Social

20:15
Security probably pretty well okay but

20:17
that's not the kind of annuity they're

20:18
offering is what I'm hearing from my

20:20
readers it's not like an immediate

20:23
annuity which makes you feel good

20:25
because on the 14th or the 9th or

20:27
whatever of the month you get

20:30
$1850 and your Social Security comes in

20:32
and you go okay at least I'm okay except

20:35
for inflation on that immediate annuity

20:37
but they're now offering kind of

20:39
sophisticated annuities with bonuses and

20:43
guarantees and if you do it now you can

20:46
lock in

20:47
the talk about the annuities that they

20:50
are trying to sell you not iMed

20:52
typically you know the annuity industry

20:54
has many different types and the more

20:56
simple the annuities the lower the

20:57
built-in Commission all all commissions

20:59
are built in the more complex the

21:00
annuity the higher the commission the

21:02
longer the surrender charge the higher

21:03
the commission so someone's showing you

21:05
a 10year surrender charge that means

21:07
it's a very high commission product

21:08
doesn't mean it's bad but it's amazing

21:10
how that's what they that's what they

21:12
show you regardless of what you need I

21:14
always ask people two questions what do

21:16
you want the money to contractually do

21:17
and when do you want those contractual

21:18
guarantees to start if you say we need

21:20
income right now that's an immediate

21:22
annuity anyone else trying to sell you

21:24
another product and say buy this indexed

21:27
or variable annuity with an income

21:28
writer and turn it on right now that is

21:31
a problem okay that is horrific and that

21:34
should never happen because you're

21:35
you're getting charge a fee for the life

21:37
of the policy immediate anties have no

21:39
fees and once again you're shopping for

21:42
the highest contractual guarantee period

21:45
so if your answer to that St I need

21:46
lifetime income needed started now the

21:48
immediate annuity is going to be the

21:50
highest contractual guaranteed payout

21:52
here and no comes to you selling those

21:54
this is the critical point you can go to

21:57
st's it and he'll tell you well we've

22:00
got this AAA rated company and this a

22:02
minus company and you know that the

22:03
difference is very little you're as you

22:05
say married to them for the rest of your

22:07
life we want a good highly rated company

22:09
and here's a couple of quotes and we

22:10
think we could get you 1,850 here or

22:14
$1,837 here and I think you know this

22:16
company's okay but nobody calls you up

22:19
to sell you an immediate annuity because

22:21
there's really not a hunk of commission

22:23
in there it's not worth their time

22:24
you're never going to go to the bad

22:26
chicken dinner expensive State dinner

22:28
seminar and someone talk about immediate

22:30
annuities ever not GNA happen it's never

22:32
goingon to happen got to go find them

22:34
Stan will help you find right so but all

22:36
the salespeople that are out there what

22:38
kind of I'm gonna choose my words care

22:40
what kind of junk is it that they're

22:43
selling you as you roll over that You'

22:45
come to the chicken dinner at the mo

22:48
hotel we'll show you how to have

22:50
lifetime income and guaranteed no losses

22:53
and a what and a bonus and and a 8%

22:56
something up front what

22:58
disclaimer about indexed annuities

23:00
they're CD products okay they're put on

23:02
the planet to compete with CDs we use

23:04
them as efficient Delivery Systems for

23:06
income riter guarantees when you need

23:08
income to start down the road five six

23:10
seven years down the road they're not

23:12
one siiz fits-all they're not Market

23:14
upside with no downside they're not

23:15
Market participation with principal

23:17
protection upfront bonuses are that's

23:19
not real money if it sounds too good to

23:21
be true it is wait what are they selling

23:25
you out there what are the word well

23:27
okay here's the sales pitch with this

23:30
you're going to take your money and

23:32
we're going to immediately give you a

23:33
20% upfront bonus and then you're going

23:37
to get Market upside with no downside

23:39
and you're going to get free long-term

23:41
care and you're going to get a lifetime

23:43
income stream at the end only one of

23:45
those statements is legitimate and it's

23:47
the free life it's the lifetime income

23:49
at the end when you decide to turn it on

23:52
but that income writer comes with the

23:54
fee for the life of the policy the

23:56
market upside with no downside is

23:58
fraudulent my opinion the long-term care

24:01
is not true long-term care is a health

24:02
insurance product index annuities are

24:04
life insurance product and The Upfront

24:06
bonus is not free money there's no

24:08
philanthropist at annuity companies it's

24:10
part of the overall contractual

24:11
guarantee and means nothing so all of

24:14
that are what I call shiny things

24:16
they're shiny things yeah and at the end

24:19
when they say you're gonna get lifetime

24:21
income they decide how much it is no

24:24
it's a contractual guarantee and when

24:26
you go to my we have the only in writer

24:28
calculator on the planet at my site the

24:30
Anu man.com you can shop all income

24:32
writers see if you again getting back to

24:34
the two questions what do you want the

24:35
money to contractually do when you want

24:37
those contractual guarantees to start if

24:39
you say income in the future we're going

24:40
to quote deferred income annuities qacs

24:42
and income writers and then we're going

24:43
to choose from the highest contractual

24:45
guarantee and explain those strategies

24:47
to you it's really that simple people

24:49
need to realize annuities are commodity

24:52
products not one company is better than

24:55
the other hate to say it not one

24:57
product's better than the other and

24:58
these quotes change like a gallon of

25:00
milk every seven to 10 days so you have

25:02
to quote for the highest contractual

25:04
guarantee you it's like buying a plane

25:06
ticket if you're out there shopping for

25:08
a plane ticket for the best deal you're

25:10
going to shop all carriers it's the same

25:13
thing so that's the getting back to your

25:15
original question about the 401ks if

25:17
there's only two or three carriers in

25:19
there then we're not shopping all

25:20
carriers going back to the second

25:22
question well these guys are trying to

25:24
sell you one product well if he's trying

25:25
to sell you one product for one company

25:28
we're not quoting all carriers so again

25:31
these are commodity products you shop

25:33
them you own them for what they will do

25:34
not what they might do if you never make

25:36
a decision to buy an annuity of any type

25:39
on the might do on the hypotheticals

25:42
theoreticals back tested I'm trying to

25:44
get rid of back tested numbers legally I

25:46
hope I can do that before I die never

25:49
buy that buy the contractual guarantees

25:51
and I always tell people if you buy the

25:53
dream you're going to own the

25:54
contractual reality trust me

25:58
okay folks now okay I've been I've

26:02
written a couple of books Dan helped me

26:04
with my annuity

26:05
chapters I I he will vouch for that I

26:08
get it basically but I want to tell you

26:11
if that blew your

26:13
head I'm that's what those free lunches

26:17
and dinners are all about there nobody

26:20
would take the trouble to sell you this

26:22
product look what are your choices you

26:24
roll over at retirement you roll right

26:26
into Vanguard in fact if you go to

26:28
terrysavage.com there's an article uh

26:31
just search in the columns rollover I

26:33
wrote about a year ago roll over now

26:35
here's how you do a direct rollover go

26:39
to Vanguard go to Fidelity you don't

26:41
even need an advisor there you don't

26:44
want to stay in your old 401K because

26:46
it's got products and funds designed for

26:48
young people who are accumulating and

26:50
taking risk and are still contributing

26:52
do the roll over directly to a lowcost

26:54
place like that or shr and then pick

26:57
some mutual funds you don't have to be a

26:59
genius some in the S&P 500 Index look

27:03
it's worked over the last 40 years okay

27:06
um some may be an an equity income fund

27:10
buy CD buy CDs buy 4% 5% money markets I

27:14
mean buy whatever exactly you don't have

27:17
to buy a packaged product what I want to

27:19
tell people is is think of the bad

27:21
chicken dinner steak dinner seminars

27:23
because we're getting ready to go into

27:24
what I call seminar season where the

27:25
postcards are going to fill your inbox

27:27
and you're going to get invited to

27:28
steakhouses that you would have never

27:30
gone to but now they're going to buy you

27:31
a steak think about it like this if you

27:33
went to a medical seminar and the doctor

27:36
stood up there and was talking about one

27:38
drug from one company and everybody in

27:41
that room is going to get that one drug

27:42
from one company that's insanity but yet

27:45
we'll do the same thing in a financial

27:47
setting one annuity from one company and

27:50
one type of annuity for everybody

27:52
sitting in the room everybody in the

27:54
room doesn't need that I always say you

27:56
know if you ask a lot lot of annuity

27:58
advisers hey I've got a spray you tell

28:00
them you got a sprain ankle and a sore

28:01
throat they're going to pitch the

28:03
product they're not listening to you you

28:05
might not need an annuity the the way

28:07
you say wait a minute Stan you sell

28:08
annuities yeah I sell more than anyone

28:10
but they solve for four things and the

28:12
acronymous pill principal protection

28:14
income for Life Legacy long-term care if

28:17
you don't need to contractually transfer

28:20
risk to one of four one or more of those

28:22
issues principal protection income

28:24
income for Life Legacy and long-term

28:26
care you do not need an annuity period

28:29
and a lot of people out there do not

28:30
need an annuity even though they already

28:32
own Social Security as their okay now

28:35
hello all of you you wouldn't be

28:37
listening to this podcast if it weren't

28:40
for the fact that you already know about

28:42
Stan and you've heard him go on his

28:45
annuity rants them I call and sometimes

28:50
it's hard to follow but I think we can

28:53
say two things definitively you don't

28:56
need an anity inside your 401k it's it's

28:59
just it's just don't do that and number

29:02
two if someone's trying to sell you an

29:05
annuity at retirement it's probably

29:07
overpriced and you're contributing to

29:09
the salesperson's retirement as much as

29:12
your own so don't get locked into those

29:15
products just ask yourself what you want

29:17
to solve for what are you trying to

29:19
solve it's but people get overwhelmed

29:22
Stan so I promise you I know it sounds

29:26
like a commercial for St I have never

29:28
ever done a paid commercial or

29:29
endorsement anything I I say I wrot this

29:31
something I believe it I'm going to give

29:33
you another name and um here um my

29:36
friend Pam Krueger created a company

29:38
called wealth ramp you've had have you

29:39
had Pam on yeah I have I've had Pam

29:42
wealth ramp w l t m p.com it's a

29:46
matching service for fee only fiduciary

29:50
advisors they don't sell this stuff they

29:52
don't sell products where they take a

29:54
commission Financial

29:56
dating they we'll send you to stand and

29:59
say you know it might be make some sense

30:01
to do this or that point I'm making is

30:03
anybody who's after your money is is my

30:06
big one of my big Crusades now my other

30:08
one is fixing Social Security but one of

30:10
my big Crusades is don't get trapped

30:13
with that unbelievably wonderful

30:15
rollover into products that will lock

30:17
you up that will cost you too much that

30:19
will pay for the salesperson's

30:21
retirement don't get paralyzed with fear

30:23
or aggressive about the fact that now

30:26
it's yours to run with

30:27
do something simple roll it over to

30:29
Fidelity Vanguard Schwab yeah don't take

30:31
on an advisor unless you know what

30:33
you're paying for and then you

30:37
probably and then call Stan if the word

30:39
annuity comes up most most people most

30:42
people and we're going to Pivot to your

30:43
stuff now but let me let me close with

30:45
this um most people hitting retirement

30:48
there's three phases of retirement go go

30:50
slowo and noo so when you're in go go

30:53
you need lifetime income you need that

30:54
income floor in combination with Social

30:56
Security p ions Etc so you know you need

30:59
that um but just be be careful on the

31:05
products that sound too good to be true

31:06
because they are annuities are very very

31:08
simple you should you should be able to

31:10
explain it to a nine-year-old no offense

31:11
to the nine-year-old if you can't

31:13
explain it to your spouse or anyone else

31:17
then don't buy it period end the story

31:19
and it's really really that simple and

31:22
it and hopefully I'm making it that

31:24
simple out here I think we are and we

31:26
are of setting the trend and thwarting a

31:29
lot of really bad sales practices that

31:32
the annuity industry doesn't need Terry

31:34
I'll close with this on my side then

31:35
we're going to go to yours if the

31:37
annuity industry would just follow my

31:39
lead with contractual guarantees only

31:41
the industry would

31:43
triple say that what do you mean follow

31:45
your lead with contractual if they would

31:47
just look at contractual guarantees and

31:49
only point the Baby Boomers to

31:52
contractual guarantees and talk about

31:54
lifetime income principal protection not

31:56
all this Pie in the Sky stuff the the

31:59
annuity industry would triple in size

32:02
but in but what the annuity industry

32:04
does is they get caught up in the fancy

32:06
products and the high fee products and

32:09
and they focus there and the high

32:10
commission products and the Agents FOC

32:12
on the focus on the high commission

32:13
products in my world in a perfect world

32:16
if all annuity types were the same

32:17
commission that'll never happen but

32:19
let's just say they were it would it

32:20
would flush all of that out my opinion

32:23
so you know we'll see where it has so

32:25
let's talk about you Terry Savage enough

32:28
about that annuity

32:30
stuffff okay but thank you for thank you

32:32
all for indulging me thank you for

32:34
letting me do that okay um okay we're

32:38
we're at the time of this taping we're

32:39
are at Silly Season in political speak

32:44
silly season always said Silly Season in

32:46
political speak okay to you but I want

32:48
to give you two big warnings okay uh

32:51
number one is let me what I start with

32:54
I'm going to start with bank front Okay

32:56
a funny thing thing

32:58
happened you used to know with I mean a

33:01
lot of people got scammed right they

33:03
gave out their PIN numbers I was don't

33:05
give out your PIN number over the phone

33:07
right don't click on this and give your

33:10
information away scamming has grown to a

33:14
level that is unbelievable the latest

33:17
level is the ability of them to call you

33:21
on your phone with a spoofed phone

33:23
number it says you know Chaser Wells

33:26
Fargo fraud department so you're

33:27
immediately going panic and um ask you a

33:31
question did you charge $500 are you

33:33
trying to charge $500 at a Walmart in

33:36
Georgia right and no I'm in you know

33:39
wherever I am no no no no no now you're

33:41
already second level panic and in the

33:44
process of getting you to confirm what

33:47
you did charge you happen to open the

33:49
app on your account on your phone for uh

33:52
for your bank they're able to actually

33:57
take over your sim card and act and

34:00
really hijack your

34:02
phone so that when your bank tries to

34:07
call you up or Conta send you a text

34:10
saying please confirm you're trying to

34:12
transfer $2500 to XYZ account you never

34:16
it to click on it they're clicking on it

34:18
I mean to me that's outright fraud

34:20
however and I there's a column up at

34:22
terrysavage.com

34:24
I just wrote it to January 1

34:27
um the difference the fine line between

34:30
bank fraud and scam Banks say that they

34:33
are not required to re reimburse you if

34:37
you in any way participated in the

34:41
process that led to the money leaving

34:43
your account and just by talking to

34:46
these people on the phone you are

34:49
somehow expose your phone and your app

34:52
and so forth to this bank it's very very

34:55
sophisticated this bil ions of dollars

34:57
you may have seen on the Today's Show

34:59
Andy con of Desperate Housewives not

35:01
real housewives Fame all over the

35:03
country he was a victim to this for a

35:06
lot of money so the banks are denying

35:10
reimbursement on the grounds that you

35:13
participated you didn't know I this

35:16
happened to a young girl who it was her

35:18
wedding money she deposited she never

35:20
had more than $400 $500 in her account

35:22
deposited a few thousand do and this is

35:25
what happened and she called me

35:26
excitedly because I was working on it

35:28
and say what the Today Show the clip is

35:31
up if you just go to Today Show Andy

35:33
Cohen and you'll Google that and you'll

35:34
see it

35:37
so just this week just in the last few

35:39
days the Attorney General of the state

35:41
of New York filed suit against the big

35:44
Banks saying you're supposed to be

35:46
protecting them and you are unfairly

35:50
denying them reimbursement because of

35:52
this fraud now we will see how this

35:53
plays out I talked to the banks they

35:55
said look you know if you were quote

35:59
dumb enough then nobody use those words

36:01
to to fall for this in any way shape or

36:04
form the fact is it's gotten very

36:06
sophisticated so here's two warnings I

36:08
don't care if you get a text or a phone

36:10
call and it looks so real hang up

36:14
contact your bank directly the number on

36:16
your statement on your online account on

36:18
the back of your credit card and say

36:21
I've been contacted is this for real

36:23
they will say no it's not number two

36:26
make sure your phone number has not been

36:29
cloned or calls forwarded or text

36:31
forwarded so ask a friend of yours to

36:34
send you a text to make sure you are

36:37
receiving text that your phone hasn't

36:38
been taken advantage of be very very

36:42
careful it's billions of dollars in

36:44
sophisticated stuff that's going on and

36:48
you will not be reimbursed by your bank

36:50
if in fact money is wired out or sent

36:52
out uh on and you in any way answer a

36:55
phone call or ATT text they're not going

36:57
to pay you okay we'll see how that

36:59
lawsuit in New York works out that's I

37:01
mean all of the um fishing pH IA all of

37:05
that is pretty scary I just would tell

37:07
people don't

37:09
overreact think through it think through

37:12
it Slow Down slow slow the game down and

37:15
then make rational decisions Don't Panic

37:18
period because it happens to all of us I

37:20
see so much coming through I'm I'm like

37:22
you I'm so aware of it that it doesn't

37:23
get through but a lot of people aren't

37:25
and a lot of people aren't sophisticated

37:27
with all of that and the and the the the

37:30
one that scares me Terry is is the Deep

37:32
fake

37:33
voices um that they're doing now you

37:35
know your your mom they'll take my mom's

37:37
voice and clone it like they did the

37:40
Biden thing the other day for the rooc

37:42
call that's going to happen a lot more

37:45
often and I think um you know artificial

37:48
intelligence good or bad is going to

37:50
take us down that road of Fraud and I'm

37:52
sure the frauders are already on top of

37:54
it yeah I mean so this is tell your you

37:58
know you're watching because you're

38:00
sophisticated tell your kids your kids

38:02
are in their 20s if you're not one of

38:03
them tell them about this stuff they

38:05
think they're so smart about technology

38:08
yeah but you're right and it's growing

38:09
and growing and and and let me give you

38:11
one that really has bothered me for a

38:14
couple of years and um I've written

38:16
about it right now you know Medicare

38:20
open enrollment closed at the end of the

38:22
year December 31st 20 right half of

38:26
America has been of those on Medicare

38:30
have been I'm going to say this conned

38:32
into Medicare Advantage right you saw

38:36
the commercials oh about you may qualify

38:39
call now to see if you qualify for rides

38:42
to the doctor and free dental and free

38:44
Vision now look I wouldn't be telling

38:47
you this story now since it ended in

38:49
December but we are in the middle until

38:51
March 31st of an opportunity to switch

38:55
out of Medicare Advantage and back to

38:59
original Medicare and here's the

39:01
breaking news again just since the first

39:03
of the year the really worst thing about

39:07
Medicare Advantage which you don't know

39:09
because it works fine as long as you're

39:12
well but when you get

39:15
sick you are limited to referrals to

39:19
doctors in network hospitals in network

39:21
and tests that are approved by this

39:25
Medicare advis anage plan now this is

39:28
hysterical a couple of nights ago do you

39:30
ever do you watch Chicago met orico no I

39:33
don't I'm not a big TV I do why am I

39:35
Chicago so I and guess what the Chicago

39:38
Med thing was all about I was jumping up

39:41
and down on the couch it was about

39:43
patient that didn't get a scan early on

39:45
and didn't detect the cancer because the

39:47
Managed Care com uh Insurance wouldn't

39:50
let him take the scan and now there was

39:52
a so some surgery no he's dying anyway

39:54
just put in a breathing tube and that

39:57
could have PR it could have prolonged

39:58
his life Managed Care is you talk about

40:02
AI that care is now being managed by AI

40:07
decision makers your doctor might say I

40:09
want you to have the CT scan or an MRI

40:12
if you have that kind of Advantage

40:15
Program don't tell me that yours works

40:18
fine I'll come back to that answering

40:19
that if you have that kind of Advantage

40:22
Program those insurers are going to make

40:25
decisions based on profits now here's

40:27
the headline news just in early January

40:31
human came out with its earnings which

40:33
were a loss and also predicted that 2024

40:37
wasn't going to be so great and 2025 and

40:40
why because of the cost they're one of

40:42
the largest Advantage insurers because

40:46
they get

40:47
reimbursed a set fee per

40:50
patient and when the people start using

40:53
the care it uses up their care all their

40:56
profits and they actually turn to a loss

40:59
and they you know they're a public

41:01
company their stocks are like 20% the

41:04
day they announced their earnings they

41:06
and all the other big Advantage PL CVS

41:10
health and all of those you know there's

41:12
no way to tell what's a good one or not

41:14
they are all looking at the bottom line

41:17
and how are they going to get swing back

41:18
to a profit well two ways one is they

41:22
are going to cut your ability to get

41:25
tests or doctors and so forth you have

41:27
to be in their Network they're not you I

41:30
don't want to get to the whole thing

41:32
they're going to be cutting back on

41:34
approvals for your care and number two

41:36
they've been there's a new report out on

41:38
over 80 billion dollars last year that

41:41
they code their patients regular and

41:43
sicker basically when they get

41:45
reimbursement from the government on a

41:47
person person head they have been

41:48
upcoding more of their patients as

41:50
sicker so they get more reimbursement

41:53
per person that's still not enough to

41:54
give them profits as looks like but that

41:57
dips into the whole Medicare trust fund

42:00
which is was screwing the the people

42:02
that are on traditional Medicare okay go

42:05
read the two articles at terrysavage.com

42:07
the first one is uh from last fall when

42:11
open enrollment was called the disadv

42:13
disadvantages of advantage and the new

42:15
one is called the advantage crunch

42:18
arrives as these companies all their

42:20
stocks went down because their profits

42:22
are being squeezed because they spend

42:24
too much on your healthare so they're

42:26
fine when you're well and yes you had

42:28
your hip replaced and it paid everything

42:30
that was last year going forward when

42:33
you're older and sicker you don't want

42:35
an AI robot deciding what treatment you

42:38
should get so switch back to traditional

42:41
Medicare if you're ill you may not get

42:44
your original supplement but any

42:46
Medicare supplement will give you the

42:48
choice of seeing a physician of your

42:51
choice that accepts Medicare whereas an

42:54
advantage plan limits you limits the

42:56
hospitals the doctors the testing and

42:59
your care just when you're sickest and

43:01
need it most you can switch back until

43:04
March 31st and that column about the

43:06
advantage crunch arrive tells you how to

43:08
do it terrysavage.com I don't sell

43:11
anything folks anything and like Stan we

43:13
are the two most brutally honest people

43:15
out there it doesn't always make the

43:17
happy when I talk about the banks or I

43:19
talk about the insurance companies but

43:21
who tells you this stuff you know if

43:24
who's there to tell you when you're

43:26
older and making a decision oh it's low

43:28
so low and they'll drive me to my

43:29
doctor's appointments and I'll get down

43:31
on you'll get a free teeth cleaning is

43:33
that worth that these these commercials

43:37
these commercials Terry these Medicare

43:39
Advantage commercials they depress me

43:41
for a couple reasons number one they're

43:43
the dumbest and stupidest things I've

43:45
ever seen number two anyone that's

43:48
affected by that to to take action

43:51
scares me because they also vote these

43:54
are these are

43:57
I I just I just scratched my head you

43:59
know the one that had um the the

44:01
character Martha with the big glasses

44:03
and she's yelling at the screen I'm

44:05
thinking I understand they test marketed

44:07
it I understand they did all that I

44:09
understand they know what they're doing

44:10
from an advertising but that scares the

44:13
life out of me it kind of comes back to

44:15
that stat that I just read where 60% of

44:18
adults have $400 in their checking

44:20
account and that scares me too because

44:23
now you know why people vote like they

44:24
vote I'm not putting down voters and I'm

44:26
not Hing up up that but who do you think

44:31
is paying for all those commercials now

44:33
just remember the way these insurers get

44:35
their money is they get a per person

44:37
reimbursement from Medicare from the

44:39
government right and they say we'll take

44:42
care of these people for whatever that

44:43
reimbursement is but not only are they

44:46
not having enough money to pay for all

44:48
your test you're paying that per person

44:50
thing is going to pay for all those

44:52
commercials and those celebrity

44:54
endorsements please wake up you half the

44:57
country is in Medicare Advantage you

44:59
have an opportunity till March 31st to

45:01
go back you go back to medicare.gov did

45:04
you say half half over it's 51% now is

45:08
in has given give oh we're gonna have

45:11
not only Medicare traditional part A and

45:15
B and your supplement and your part D

45:18
insurance but we don't you know you need

45:20
part C no you don't need part C

45:22
Advantage you need the supplement go

45:25
back to Medicare .ov you that's where

45:28
they you can CH compare all the

45:30
supplements you put in your information

45:33
you can even apply directly then if you

45:35
do that you will automatically be

45:37
disenrolled from your advantage plan

45:40
there's no penalty to disenrolling

45:42
please be smart and get out of Medicare

45:44
Advantage even if it's not the plan G

45:47
the great that covers everything

45:49
supplement if it's one of the others

45:51
that covers a little less what it does

45:53
give you is choice at the moment you and

45:55
your children want to make choices when

45:57
they're standing there and you're in the

45:58
hospital bed get her that heart monitor

46:00
get her that CD we want the stint I'm

46:03
sorry she's 85 years old she's too we

46:06
don't our our AI says that won't do much

46:09
good at 85 so no stint that's the kind

46:11
of stuff we're gonna see in the future

46:14
how do you think how do you think how do

46:16
you think the fed's done recently during

46:19
this chaos the fed's been extraordinary

46:22
don't you think um they I'm asking you

46:25
you're the one that know all the I mean

46:26
you you've actually you actually know

46:28
all the EX and former and future fed

46:31
people so what do you think I've met all

46:34
of them as yes I have um so far so good

46:40
there is a uh I've got a great guy for

46:42
you the interview I'll tell you

46:43
afterwards but Jim Stack of investtech

46:45
aim on AIM yeah yeah I'm sure you must

46:48
don't in his latest letter that the term

46:50
soft Landing has been mentioned more

46:53
frequently in the last two years years

46:56
then before the last two recessions and

46:58
he points out in 2008 Bernan just on the

47:02
cusp of a recession was talking about a

47:04
soft landing and the San Francisco fed

47:06
president Ben Janet Yellen said that in

47:09
2008 was right before that huge member

47:11
of the real estate recession that how

47:13
can you forget that 2008 2009 I said

47:16
we've achieved a soft Landing but so

47:19
far the FED has there's a lot that could

47:23
go wrong the most recent fed state was

47:26
we're not cutting rates until we see

47:28
inflation under control right hey stay

47:31
out of politics but the economy is

47:32
growing strongly it's the strongest

47:34
economy in the world China's in the tank

47:37
in case you hadn't looked up okay

47:39
Europe's teetering um and the American

47:43
economy has low unemployment now we have

47:46
pretty low interest rates come on you

47:48
can get a mortgage now that that's the

47:51
the 6% area is not such a high thing you

47:54
just got spoiled at 2% um really and and

47:59
and um we haven't had a crunch yet we

48:04
will We what could go on in the spring

48:07
well and wait and consumer confidence

48:10
has bounced back dramatically what could

48:11
go wrong I think the soft underbelly is

48:14
the commercial real estate market which

48:17
as the leases expire that were made in

48:20
previous times that allowed uh the

48:24
commercial real estate owners to carry

48:26
on and pay their loans and as the

48:28
original lowc cost loans expire and have

48:30
to be refinanced higher I think if I

48:32
were looking into March and April this

48:35
year I think that the real commercial

48:38
real estate Mark and by the way nobody's

48:40
going back to those offices or I mean

48:42
half the people aren't so commercial and

48:46
office real estate has a a a very soft

48:50
thin layer of ice that that they're

48:52
walking on top of and to me that would

48:54
be the the big thing thing um but so far

48:57
so good and I think the FED has acted

49:00
with admirable restraint but but there

49:03
might be economic forces that yeah I

49:05
think I think he's I think he's I think

49:07
he's done well um what another question

49:10
um ETF the Bitcoin ETF what's your take

49:13
on that um that just got released and

49:16
approved and people are buying it you

49:18
know bitcoin's been been been

49:20
interesting because the S bankman freed

49:23
innocent till proven guilty issue has

49:25
kind of been swept under the media rug

49:28
um for a lot of reasons we know why um

49:31
but what do you think about kind of

49:32
Bitcoin going

49:34
mainstream okay well let me start by

49:37
this full disclosure I'm on the board of

49:39
directors of C group the world's largest

49:42
exchange and we've had Bitcoin Futures

49:45
futures for three years there was never

49:47
any complaint future prices based on the

49:50
spot bitcoin price sure what got the the

49:54
Dark Side of Bitcoin was never the idea

49:58
of a um a a alternative currency if you

50:02
call it uh the blockchain technology was

50:05
never a problem what was a problem was

50:07
the people that got into the business it

50:09
was the wallets and the and the ability

50:12
to lose your money if you forgot it and

50:14
the ability for the wallets and these

50:16
they called them exchanges but they

50:17
weren't exchanges to have loose security

50:20
and have money siphoned out of your C

50:23
that what was was what was wrong with

50:25
Bitcoin

50:26
and in the last four years Bitcoin has

50:28
really been a speculation gold is a

50:31
speculation for example and Gold's been

50:33
going up but all the gold evermed is

50:36
still around it might be in ships at the

50:38
bottom of the sea well Bitcoin is going

50:41
to be haved and but if there's a limited

50:44
supply of Bitcoin there's a column I

50:45
wrote that's why on top of this just

50:48
recently and now they have made a

50:51
legitimate way to trade the price of

50:56
Bitcoin like they trade the price of

50:58
gold I'm not comparing them because gold

51:01
has the real uses in jewelry and for

51:03
2,000 years of history as a store of

51:05
value Bitcoin has a dozen years and it's

51:08
been from 16,000 to 67,000 to 18,000 to

51:12
40 something thousand now and um so

51:15
nobody would consider it a store of

51:17
value because it's so volatile gold

51:19
hasn't been so great in the last few

51:21
years

51:22
either the what they did was legitimized

51:26
a legitimate way that existed already of

51:29
pricing spot Bitcoin and giving

51:31
investors accesss through it just like

51:34
the glds the gold fund that trades based

51:36
on the price of gold so they've created

51:39
ETFs if you want to have something to

51:42
talk about at dinner fine but that's a

51:45
pure

51:46
speculation that isn't you know you want

51:48
to keep your eye on it great this is not

51:50
where your retirement funds go in Mass

51:52
this is not to save us against the end

51:54
of America dollar because the American

51:56
dollar will be around it will be digital

51:58
it is already digital I don't even take

52:00
coins pretty much in my wallet anymore I

52:02
just no I don't either no I haven't for

52:05
a long time yeah yeah exactly so we we

52:07
live in a digital world so the idea that

52:11
we've already had Bitcoin Futures The

52:14
Regulators were very remiss both

52:17
particularly the SEC on dealing with

52:21
create allowing responsible people to

52:23
create a vehicle for

52:25
the price of Bitcoin now they've even

52:27
one and you can speculate but don't

52:29
think it's an investment it's a

52:31
speculation I agree well we got to kind

52:33
of wind this up obviously we go we go

52:35
100 miles an hour so any words of wisdom

52:39
you know I always say might drop moment

52:40
for my for my guest like you that um you

52:44
know you've given a couple of really

52:46
good ones from the standpoint of the

52:48
bank and the Medicare stuff anything

52:51
else that's on top of your mind right

52:52
now Terry uh don't get l

52:55
I I think I I never have made a

52:57
reputation on the stock calling turns in

52:59
the stock market I've always said beat

53:02
the market all you have to do is beat

53:03
the market but those of you who know I

53:05
created many many many years ago three

53:07
categories the Bulls the Bears and the

53:09
chickens and I remind you that everybody

53:11
should have chicken money now treasury

53:13
bill interest rates are coming down

53:16
their six Monon bills are little over 5%

53:18
as we as we talked they were over five

53:20
and a half percent couple of months ago

53:23
but with inflation Maybe down under 3%

53:27
you're getting a 2% real rate of return

53:30
and never get so enamored of the

53:32
headlines and the proof that there isn't

53:35
going to be a recession and the for sure

53:37
the Market's going higher keep some

53:39
chicken money on the side right now if

53:41
you do it correctly through

53:43
treasurydirect.gov 6 bills you're

53:45
getting a nice real return on your money

53:48
and you sleep better and you don't make

53:50
other dumb decisions when you can go oh

53:52
yeah but at least I've got that and it's

53:54
safe and the top four chicken the top

53:57
four chickens and the chicken money

53:59
treasuries CDs money market and remember

54:03
migas the industry anity industry

54:05
version of a CD so all of those are

54:07
principal protection no annual fee

54:09
guaranteed interest rate products for

54:12
your chicken money and you know I like

54:15
chicken money so uh Terry once again

54:18
thank you so much for for being on the

54:20
podcast hope that our paths cross in the

54:23
future when I'm Le adding into Chicago

54:26
not but uh not not this month anyway for

54:30
sure not this month but I really

54:32
appreciate you being on I appreciate

54:33
everyone joining me on the number one

54:35
annuity podcast on the planet fun with

54:37
annuities my name is Stan the annuity

54:39
man see you next

54:44
time