Jan 4, 2022
In this episode, The Annuity Man and Michael Finke discuss:
- Two choices in retirement
- The worst case scenario in retirement
- Thrift is good until it isn’t
- Difference between annuities and investments
Key Takeaways:
- There’s only two things you can do with your money in retirement - spend the money and live better or pass it on. Focus on what a product will do, more than what it might do. You need a steady income guarantee at the minimum in order to enjoy your retirement.
- The scenario you want to avoid is, for example, you live until 85 or 90 and you won’t have any money to spend to continue living. Without an annuity, you’ll be forced to cut your savings and investments into small little pieces for it to last.
- People don’t feel comfortable spending money, so the tendency is that they don’t live as well as they should have while they could. We’ve been conditioned to believe thrift is good and it is, but accumulating without enjoying it would be a waste of life.
- Annuities and investments are two very different things and serve two very different purposes. Never get them confused. The goal with investment is growth, while annuities provide a steady income stream and risk-transfer.
"The best way to approach it is, what are you gonna use the money for? Because money is just green paper... why not begin with how you wanna live in retirement and what sort of legacy you want to lead…" — Michael Finke
Connect with Michael Finke:
Website: http://www.michaelfinke.com/
LinkedIn: https://www.linkedin.com/in/michael-finke-8134808/
Facebook: https://www.facebook.com/mfinke
Twitter: https://twitter.com/FinkeonFinance
Connect with The Annuity Man:
Website: http://theannuityman.com/
Email: Stan@TheAnnuityMan.com
Book: Owner’s Manuals: https://www.stantheannuityman.com/how-do-annuities-work
YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g
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