Guaranteed Income For Life 2023
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- Опубликовано: 2 фев 2025
- Show Notes: cardinalguide....
As Financial Planners, we help retirees plan for and manage uncertainties like a health crisis, inflation, death of the first spouse, down markets, income taxes, running out of money, RMDs, Long-Term Care………….. The fear of running out of money is a big worry of people coming into our system. This video outlines a tool we use, with part of a couple’s savings, to start a monthly income that lasts for the remainder of their lives. No reduction for the survivor and it pays even more to a single person. Watch the video!
Questions? Email us at Hans@CardinalGuide.com, call us at (919) 535-8261, or visit our website at cardinalguide....
H E Scheil & Associates doing business as Cardinal Advisors holds an insurance license in all 50 states and DC. Listed below is the license # in each individual state. Alabama 675461, Alaska. 100118081, Arizona. 1800012348, Arkansas 100104794, California 0K32569, Colorado 464622, Connecticut 2463129, Delaware 1119857, DC 2887040, Florida L087124, Georgia 159539, Hawaii 445296, Idaho 507076, Illinois 100333675, Indiana 721739, Iowa. 1002056691, Kansas. 272705345, Kentucky 738674, Louisiana 614407, Maine AGN249408, Maryland 100048542, Massachusetts 2006645, Michigan 0104206, Minnesota 40411912, Mississippi 15016382, Missouri 8325733, Montana 100126008, Nebraska 100224332, Nevada 1007341, New Hampshire 2315847, New Jersey 1557889, New Mexico 1800010640, New York 1382342, North Carolina 1000092550, North Dakota 2000136230, Ohio 1028975, Oklahoma 100190853, Oregon 100237062, Pennsylvania 589318, Rhode Island 2309277, South Carolina 1907911784, South Dakota 10017719, Tennessee 2252224, Texas 1963111, Utah 513447, Vermont 1038574, Virginia 129027, Washington 864498, West Virginia 100107166, Wisconsin 100192273, Wyoming 275179
You make sense. There exists a number of choices in addition to yours. I would start by reducing living costs by up to 50% based on your example couple. Two major expenses are housing and transportation. And picking Medicare original supplement g or n. Pick a home with no hoa. And small such as 1200 sf. And a suv like rav4 or crv that is coming off lease. 3 years old. And consider a retiree favorable state to live in. I like Texas and Arizona. Avoid taxes like ny and CA. And do not go to restaurants at all. These measures will cut your expenses in half perhaps. They did for us. And we are in our 70s.
You have an excellent plan... Well done!
This was so informative. I appreciate you taking the time to research and put together such a comprehensive video.
Another great white board example , easy to understand... Thank you for teaching me about all the options to examine in retirement.
The main downside is that taking lifetime income is that even post taxed income becomes regular income for the rest of your life on an annuity. If I would have left it a 30 yr period certain taxes would have been only on interest and not principal and my payouts would have been similar.
The problem for me is - what if inflation is structural at 4 or 5%? No protection. I’ve shopped 3% inflation protected annuities - too big a haircut to the starting income. Secondly what about the bigger tax bill when the exclusion ratio runs out?
Hi Hans & Tom - good video - can speak a little more about how these things are taxed as far as the initial withdrawal from the 401k and the how the annuity income is taxed? Are both just like regular income? Thanks. Chris
Chris If you use 401k to buy this, we roll it over from the 401k to the IRA so there is no income tax due right away. Taxes will be at ordinary income rates when you start withdrawing income. Great to hear from you. Thanks for your business. Hans
Does the health care doubler rider still kick in if the contract value has gone down to zero?
No it does not. If you start the income at a younger age and need LTC when you are older, the doubler might not help you
I like it you might be hearing from me.
Guaranteed for life as long as the insurance company doesn't go out of business.
I tried listening to this. The narration is so slow, and low energy, that it was impossible for me to continue.
And I could not really understand what this video is suggesting at all. Quite disappointing.
Boy, Sounds like a good way to cover your medicare cost! But, boy, Don't you think our 6.5% Inflation rate is going to wipe out your return over the years?