#8 Annuities: Income V. Accumulation
Bryan Anderson, founder of Annuity Straight Talk, speaks with Ashok Ramji, a financial consultant with TOP Planning LLC, an independent asset protection and retirement income planning firm serving retirees and pre-retirees alike. Today, they share how annuities can serve other purposes besides income when you’re a retiree.
Bryan and Ashok begin by briefly recapping last week’s episode and explaining why they host the podcast. They talk about 63-year-old Mark who doesn’t necessarily need income (because he does real estate) but wants an annuity for extra cash flow. Bryan breaks down some of the numbers from this case.
They then present some options for people who have a hefty amount of money but are not exactly sure where to put it, highlighting the idea that income and accumulation can be done at the same time. Finally, they talk about what they have to offer potential clients.
What You’ll Learn in This Episode:
- [01:12] Why Bryan started Annuity Straight Talk
- [02:18] The different applications for annuities
- [05:19] About Mark who already has annuities but wants to buy another one for guaranteed lifetime income
- [08:05] What happens when products no longer fit the client’s current situation
- [10:35] On having a flex strategy
- [15:21] On deferred annuities, fixed index annuities, and capped rates
- [21:58] What if Mark bought a deferred annuity
- [24:23] Periodically check your beneficiary designations
- [25:49] The 3 types of entities that can hold your money
- [31:08] Gen Xers are most likely to buy annuities
- “You also need a discretionary fund to draw money from for those extra expenses.” ~Bryan
- “If you’re not spending money, it should be growing.” ~Bryan
- “It’s better to have choices and realize every person’s situation is different.” ~Ashok
Call Annuity Straight Talk at 800-438-5121 or schedule a call at AnnuityStraightTalk.com