Tired of not having the financial freedom to live the life you want? The Free Retiree Show helps listeners excel in their career and financial lives so they can live the life they’ve always dreamed. Lee Michael Murphy, wealth manager, is joined by career advisor Sergio Patterson and attorney Matthew McElroy. Tune into their weekly show as they give you entertaining and valuable advice, and help you filter out the BS in their respective fields. The Free Retiree Show has four pillars to help listeners achieve success: career advancement, money management, avoiding detrimental mistakes, and learning from a successful business and thought leaders. Each episode shares valuable insights from experts and brings you interviews from some of the most successful people in business. Join us as we learn how to become free retirees.
Wednesday Dec 15, 2021
Wednesday Dec 15, 2021
MONEY MANAGEMENT EDITION
In the financial planning world, some concepts are intuitive. Annuities, which often include insurance options as well as investment options, aren't. Annuities have received increasing attention lately, mainly because of the SECURE Act, which provides employers incentives to include annuities in 401(k) plans.
Unfortunately, annuities, like reverse mortgages, can be confusing for retirees and may not be the best option for them.
An annuity is essentially an agreement between you and an insurance company. An annuity contract can be purchased either as a lump sum or as a series of payments. As a result, the insurer will make a series of payments to you for the rest of your life.
But today, an annuity can go in lots of different directions. How? Annuities have now morphed into a product that can be used just for accumulation. They can also be used for different forms of decumulation. Annuities are now more of a product where you don't realize gains on an ongoing basis and you're just taxed when the money comes out beyond that.
Are there more pros than cons when it comes to annuities? Head of Retirement Research for PGIM DC Solutions’ David Blanchett will discuss everything that involves annuities, the good, the bad, and potentially the ugly. With hosts, wealth manager Lee Michael Murphy, career advisor Sergio Patterson, and attorney Matthew McElroy tune in to this week’s episode of The Free Retiree Show.
To get the episode, show notes, and share links, please go to our podcast page. Thank you for sharing our podcast.
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