Nov 29, 2023
In this episode, The Annuity Man discussed:
Claiming your social security
You can’t time annuities
Three phases of retirement
Social security payments get higher if you wait until 70 because you’re older which means that your life expectancy is less, meaning that there are fewer projected payments. Fewer payments mean that those payments will be higher. It’s simple, but that doesn’t mean that that is always the better choice.
You can’t time it with annuities, you can’t time it with lifetime income. Annuities are priced primarily based on your life expectancy. However, this doesn’t mean that you should wait until you are seventy before you get a lifetime income.
There are three phases of retirement: go-go, slow-go, and no-go. Go-go when you are still rolling, slow-go is when you start to feel slow down, and no-go is when you have severely decreased physical and mental faculties. Make your decisions based on what phase you’re in and what your goal is.
"There are no sweet spots with annuities. There's no arbitrage moment with annuities. The older you are, the higher the payment for lifetime income when you're looking at life to make them it's that simple." — Stan The Annuity Man.
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