What Percent Of Income To Save For Retirement?

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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 and Puerto Rico. Today's topic

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is an interesting one. What uh what

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percent or what amount of income do you

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need to save for retirement?

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Pretty broad uh question. We'll kind of

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break that down in a couple ways so that

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you can apply it to yourself after this.

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So, first of all, if you're even

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thinking about taking some of your

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income and applying it to future

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retirement, good for you. You're way

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ahead of the game of most people. Most

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people are just spending every dime they

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get and living monthto month. So,

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congrats for at least thinking about it.

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I don't think there's a um specific

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percentage that makes sense uh or that

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well, you need to say 12%. Now, anyone

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who says that it's goofy. Okay,

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everybody's situation is different. What

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I would tell you is the most that you

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can. You know, live a good life, but

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there has to come some scrimping and

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saving during that time to put money

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away.

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If you have a company that has a 401k

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that you're a part of and they're

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generous enough to match that 401k, like

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for every dollar you put in or they put

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in 6% matching, whatever, take advantage

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of that.

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I mean, for you that's free money. I

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know for my um my employees at the

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annuity man and we have a really big

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firm in LA, everyone's in Las Vegas. We

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do matching and I tell people take

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advantage of that. I mean, you know, we

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we want you to have a good life. We want

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you to have a good retirement. Um I

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should add to that at the end when I

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talk to him and we want you to buy the

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annuity through us when you need a

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lifetime income stream. I'm kidding. But

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I think if you if you the percentage

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doesn't matter to me. It's the fact that

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you start doing it. If you say, "Well,

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I'm going to do 1% this year because I

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really can't afford it." Great. Then

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maybe get to two, maybe get to three,

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maybe get to four. And the I'm I'm

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primarily right now talking to the

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youngsters out there, okay? The people

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that have cowboy boots sold to them. But

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let's talk to you seasoned people out

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there like me. Um, and you're trying to

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figure out, you know, what percentage do

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I need in retirement? Um, you can go to

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my site at theanuityman.com and run

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quotes on lifetime income products

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starting now, starting down the road. It

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you you choose what time you want that

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to be when you want it to kick in. Know

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that the older you are, the higher the

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payment, just like social security, you

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can set it up single life and joint

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life. Obviously, joint life is going to

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be less payment, but take care of your

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spouse. Please don't try to thread the

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needle with that. But if you're in like

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getting close to chapter two, I want you

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to start thinking about your income

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floor. What's that income floor that you

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need every single month to hit your bank

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account that's not correlated to the

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markets has nothing to do with politics

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that's going to hit your account like

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social security like a pension?

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How much more do you need? And then you

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can go to my site and do a reverse

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engineer quote solving for that monthly

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amount using the least amount of money

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with the best carriers out there. So

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it's it's kind of two answers. If you're

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still in the workforce and you're

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working, you're going to be working the

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long time, just get in the habit of

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putting money away and the and the magic

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and the beauty and the eighth wonder of

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the world of compound interest. It's

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incredible.

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And the markets work for growth. You

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just got to be in there and not look at

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it. You just kind of have to lock and

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load. You're not going to be Tommy

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Trader and trade your way to the stars,

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you know? You got to be boring, boring,

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boring, boring, index base and just go

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to work, but put money away. For

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everyone else that's getting closer to

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retirement or that's in retirement or

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that needs a gap fill for retirement,

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you need a little bit of extra money.

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That's where annuities come in because

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you can be very specific. And I always

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tell people, use the least amount of

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money with annuities to solve for the

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contractual goal. I know you're saying,

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"Wait a minute, Stan. You sell more

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annuities than anyone, aren't you like

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sell?" No, I'm saying if you need one

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and we determine that you need one, then

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we need to use the least amount of money

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to get there and to contractually solve

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for that that that amount that you're

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looking to solve for. Knowing that

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annuities solve for four things:

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principal, protection, income for life,

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legacy, and long-term care. Pill is the

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acronym.

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So, youngsters, get in the habit. When

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I'm saying youngsters, I'm saying pre50.

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Let me give you some that'll tell you

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something right there. pre-50 years old

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and you're still in the workforce, just

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get in the habit of putting money away.

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Don't wait, wait, wait. Don't don't

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think you're going to make your money um

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on the prediction markets or betting

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college football. You're not. Okay?

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You're not. You're not that person. And

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if you are, go to Vegas, lose all your

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money, then go back home. You're not

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that person. So, young people 15 and

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below, I consider that young. So do the

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life insurance companies that issue

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annuities, just put money away. Be

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disciplined.

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You could have a hoarder's household,

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but be disciplined on how you put money

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away every single month. Take advantage

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of the 401ks. Take advantage of the

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matching if you have someone as employer

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that that offers that. For the rest of

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you like me, 55 and upish, those people

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that's looking at retirement, that

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chapter 2 is right there and chapter two

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is about you. Then chapter two is about

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your income floor. How much income do

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you need to go live your life? And I'm

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not talking to scrimp and saving. I'm

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talking about traveling, eating

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outright, rewarding yourself for working

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so hard. Remember, fly first class or

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your kids will.

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Hello.

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Did I hit a nerve? Uh-huh. Fly first

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class or your kids will. There's no

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U-Hauls behind herses. Do you want me to

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keep going? Do you have a spending

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problem like most people do that script

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and say they have all this money? I love

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telling the story about my wife gets mad

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when I do this, but you know when the

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egg prices are really high, my wife goes

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to down here in Florida. I live most of

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the time in Florida and Publix is the

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big grocery store. And uh she goes,

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"Have you seen the price of eggs?" I

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mean, this is ridiculous. I said, "We'll

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buy Publix. I'll stroke a check for that

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branch right there, but buy the eggs."

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Don't get caught in your own head. Most

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of you have done very well. You've won

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the game is what I say. So, no need to

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play. put that income floor in place and

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go live your life. For you youngsters

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out there, your job is to start putting

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that income floor in place for the

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future. It's all about the income floor.

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So, what percentage?

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I don't know. There just needs to be

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some percentage. That's half the battle,

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right? That's half the battle. Half the

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battle of the whole thing is just

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getting disciplined and putting money

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away.

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Hey, do me a favor. Go to my site at

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theanuityman.com. I've written owners

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manuals on all of these products.

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download them for free. Um, I

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continually rewrite them and you get the

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newest version as things hit me. So,

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I've been rewriting them for a long

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time. Um, I'm also writing a new book

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called The Annuity Standifesto 2.

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Annuity Stifesto one came out in 2014

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and I think it's time to rewrite it. U,

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so that's coming out. But also too, I

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did a video on um on how annuities can

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protect and help your family. and you

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know dovetailing into a couple things

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with my family that I do for my

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daughters that's going to be set up for

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my daughters when I die. It might be

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something you might think about. It

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might be something me and you talk

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about. I hope you consider us for your

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all your annuity needs. We are the

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number one seller of of fixed annuities

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on the planet. We're proud of that. But

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we do it the right way. We only look at

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annuities for what they will do, not

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what they might do. No pressure. There's

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no urgency. You're going to make your

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decision on your terms and on your time

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frame. All right. Hey, that was a good

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topic. My name is Stan the Annuity Man.

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See you next time.