What Is A Good Retirement Income For A Single Person?

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Hi there, Stan the Annuity Man,

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America's annuity agent, licensed in all

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50 states. Today's topic is kind of

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interesting. What's a good retirement

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income for a single person? I know when

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you saw that, you're thinking they talk

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about young people, old people, divorced

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people, widowed people. I guess we're

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talking about all of them after this.

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So, when I I first saw the topic, I'm

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like, well, I'm thinking I'm thinking

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like the the young kids that you see

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them interviewed on the beach and and

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they don't know anything about anything.

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I mean, the retirement income to to

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really young people is just, hey, just

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enough money to go get some beer and

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party, right? But when we're talking

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about what's a good retirement income

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for a single person,

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um I think the numbers are I think I

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wrote them the other day, uh two family

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income, typically median family income

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in this this country is $54,000 a year.

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Um I don't really care about any of

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those stats. I care about you. I care

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about what you're trying to achieve. And

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it really comes down to what what your

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income floor is. what is that amount

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that you need to to hit to not only live

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life and live good but also be able to

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put money away etc. Everyone is

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different and what I've done with my

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site at theanuityman.com is you can go

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there and you can put in the number that

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you need to achieve monthly you know and

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run the quote and then we'll give you

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after quoting all carriers

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the lowest number needed to achieve that

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contractual monthly goal. I always say

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retirement chapter 2 planning is is

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unique to you. It's customized. You

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can't just say, "Well, for a single

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person, it's $62,717."

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You I mean, you can't say that. Anyone

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who does is crazy. You know, for the

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person

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that's divorced or widowed or just

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hasn't hasn't been married, but but a

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you know, grownup adult, you know, not

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not partying and going to the clubs at

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night. For those people, it really comes

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down to what your income floor is. What

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is your income floor? If you have taken

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social security, that's the best

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inflation annuity on the planet. If you

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if you're one of the nine% of the people

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that has a pension, great. You add that,

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you're just kind of stacking income.

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What's that income amount that's coming

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in? And then what's the additional

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amount that you might need?

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And that's when we come in and we talk

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to you and say, "Okay, tell me what

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you're doing." Hopefully, it's me. um

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IRA, nonirra, Roth IRA, where's it all

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coming from? Do you have a 401k? What's

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what's the plan? What's the plan for

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income? Then we'll put in a plan for

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inflation, which is not what you think

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it's going to be because there's no

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product that magically adjusts for

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inflation that's proconsumer. Um, but I

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do have strategies for inflation when it

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hits at the time it hits. But what's a

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good um what's a good income for someone

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that's single?

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It's an to me it's an income that pays

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the bills obviously but gives you some

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extra. Gives you some extra to go out

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and eat, travel, do the things you want

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to do. Life's short, right? So, there

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really isn't a good answer to that

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because it's customized to you. I was

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talking to a guy the other day and um he

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had a lot of money. He had multiple

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seven figures in, you know, in

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investments. Not not real estate, not

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house, just investments. He had houses,

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too. I said, 'Well, what's your like

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your monthly income? He goes, I'm I'm

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running about a $3,200 a month budget.

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Okay. I said, first thing I said,

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player, you need to spend more money.

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You got a spending problem. You need to

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learn how to spend. Well, that's just

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what I feel comfortable with. Okay,

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great. Then someone's going to get the

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rest because you're never going to be

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able to spend it all. You know, another

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one is my mom is a great example. Um 87

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years old, lives in St. Augustine,

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Florida. My father died um seven years

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ago. And of course, she didn't know

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money from money. And I had to go in

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there and just set everything up on

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autopay and all that stuff. And then sit

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her down and show, okay, here's the bank

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account and here's they were teachers.

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Here's your pension. You know, here's

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here's what's coming in. Here's your

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social security. Here's your here's your

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income. You're single. Here's your

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single income. And at that point, I

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mean, she's 80 at that at that time.

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Okay, you're 80 and here it is. And then

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I said, well, she goes, well, do you

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think I'll have enough money? I said,

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"Well, if you spend $250 a day every

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single day, you're going to be fine."

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She goes, "What if I spend more than

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that?" I said, "Well, that's your

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budget, $ 250 a day." "Well, what if you

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what if I don't spend it that day?"

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"Well, then it rolls over. So, if I

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don't spend it today, then it's 500

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tomorrow." I said, "Exactly. That's it."

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So, she's figured out after now trips

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this year to Cuba, Wisconsin, New York,

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where else? Hawaii. She's figured out

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it's going to be okay. That's what I

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want you to do. I want you to figure out

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that it's going to be okay regardless of

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your age. What's that income floor?

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What's that amount? Certainly don't want

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you to live monthto month. Two, I think

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I'd say 50 to 60 people in the percent

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of people in this country live monthto

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month. Bless bless their hearts. That's

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hard. We've all been there. Anybody

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that's an entrepreneur that started

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business has been there. You've been

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there without money. You've been there

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and it hurts. And my wife calls it the

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scars of scarcity, which means that you

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remember those times that you couldn't

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buy something that you needed for the

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family. You remember those times and

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they still evoke emotions. I did a I did

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a um video the other day about scars of

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scarcity and I told the story that's

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personal to me and I literally balling

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tears and people behind the camera are

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thinking, "Is that performative or is

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that real?" No, it's real. No, it's

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real.

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I need you to get granular detailed on

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your money and what it takes for you for

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whatever income is needed for you to

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feel comfortable. If that takes a family

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member or a close personal friend that

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you trust to help you run those numbers,

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kind of like what I did with my mom,

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then do it. But there's no set amount

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for you as a single person on what

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works. I know what works for my mom. I

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know it works for a good friend of ours

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that recently got divorced and I helped

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them do the same thing with her. Money

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is is okay here's here's what you have

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and here's here's how it works and etc.

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Just remember, you know, finances are

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math. Annuities are math. You know,

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annuities for lifetime income is life

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expectancy math. Don't don't make it

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detailed. Don't don't make it too um it

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don't you can get detailed, but don't

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make it difficult, I guess, to say.

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Don't get caught in the weeds. Strip it

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down to the contractual guarantees. You

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know, schedule a call with me or email

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me stantheanuityman.com.

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I can help. I've got a staff of of I'm

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not going to give away over 20.

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My competitor's like, "How many does he

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have?" It's a full building. Um it's a

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full building of people in Las Vegas,

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Nevada. We're working 12 hours a day

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around your schedule. And we'd love to

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have that conversation. You like, "Hey,

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Stan, I'm single. What do you think?

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Here's where I'm at. Can I should I add

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what what's the percentage of annuities

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I should have? How how can I combine

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this? How can I make this work? I've

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been in the financial business my whole

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life. That's all I've done. Okay. Dean

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Witter, Morgan Stanley Payne, Weber,

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UBS, and now the annuity man. Been doing

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this a long, long time. So, I've seen it

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all, heard it all, and advised it all,

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and recommended it all

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and feel comfortable with anything you

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throw at me. So, do me a favor. Go to my

7:29
site, the annuity man. Run quotes,

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download the books, and I just did a

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video on how annuities

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can help the family, can help protect

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and provide for the family. I'll give

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you some examples of how I do that with

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with my family. I have two grown

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daughters, have grandson. Just all of

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that, you know, how it works, how those

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contractual guarantees can help your

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family. I encourage you to take a look

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at that. Get in touch with us. You know,

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if you're looking for annuities, give us

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some consideration. I think you'd be

7:57
very happy. And if you already bought

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annuities and you and you don't want

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that person who sold it to you to be

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your agent, I'll be your agent of

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record. Just let us know about this

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policies and we'll just change name on

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it. Just is that simple. Okay. My name

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is Stan the Annuity Man. See you next

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time.