#7 Guaranteed Lifetime Withdrawal Benefits
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. In this episode, our hosts put the spotlight on an annuity rider called the Guaranteed Lifetime Withdrawal Benefit (GLWB).
Bryan and Ashok explain why it can be a wonderful planning tool if you want to annuitize certain assets for lifetime income. They introduce three levers that can get your income up to the desired amount but also caution you about the trade-offs.
Bryan and Ashok then talk about how some products affect spouses or partners, presenting the difference between single and joint payouts. They also throw in a brief history lesson on riders, ending the podcast with the pros and cons of GWLBs.
What You’ll Learn in This Episode:
- [02:56] How GLWB works
- [05:07] Why some insurance companies can offer higher payouts
- [08:00] On the roll-up rate
- [10:38] On the payout rate
- [14:34] How Bryan and Ashok add value to clients
- [16:16] On calculating payouts for spouses or partners
- [24:08] Why index annuities have a higher guaranteed payment compared to variable annuities
- [25:05] Some of the advantages of GWLBs
- [28:56] About dinner seminars
- [32:11] Some of the disadvantages of GWLBs
- “It pays to wait, but then again, it comes down to what you can afford to wait to do and what your plans are.” ~Bryan
- “You have to look at everything together and not just one part of the story.” ~Ashok
- “We have to know everything about your situation.” ~Bryan
Call Annuity Straight Talk at 800-438-5121 or schedule a call at AnnuityStraightTalk.com