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Retirement Calculator | What Is The Average 401(k) Balance Of A 60-Year-Old?

Hi there. Stan The Annuity Man, America's
Annuity Agent. Licensed all 50 states. I have big props.
Props to my big props, producer. I hold in my hand a
darn big phone. A big darn phone. That would be a
B-D-P. And this is a B-D-C. Big darn calculator. Why do I do that? It's
because we're talking about retirement calculators. How much
a 60-year old has… You know, I get that question a lot. "How much does a
60-year old have, how much money does a 70-year old have
in retirement?" Etc. We're going to cover those
things. I'm going to give you some stuff that
my staff research that are pretty cool.

The bottom line is go to my site at the
annuityman.com. We have annuity calculators you can use. But I do
encourage you to use those first then set a time with me.
Then I can get involved in the process because most quotes are customizable.
And you don't know what you don't know. I mean… So, you're going into the annuity
space, you're trying to learn. You go to my site i send you my books.
You set a time and I get on this big phone and I talk to you and we have a
one-on-one. I like that, producer. But annuities are
customizable. So, there's not just a one- size-fits all.

Even though a lot of
people sell them as such. I want you to think… When you think in
annuities or you think in retirement calculators,
it's all about what you want and what your goals are and what you want to
contractually solve for. Forget the products that are pitching,
being pitched to you. Forget all that. Forget all the nonsense.
Forget all the ads. Forget all of that. It comes down to a customizable solution.
And hopefully, I can be a part of that and help you that.
But not until we hear some music. So, what's the average 401K balance of a
60-year old? We looked it up. It's a little bit less than 200,000. Which
isn't enough to live off of. We all know that. I mean, we know that.
I read some site. I thought this was pretty interesting. They think you should
have 8 times your final salary in a 401K.
I love these arbitrary things like that. But that was kind of
interesting as well. But most people don't have that. Most people
they have a good lump sum in their 401K and they're looking at their
investments as a whole and they're saying, "Okay,
I need to go to some of these sites and do some retirement calculators and
figure out this.

And I'd rather not speak to anybody because
I don't want anybody to sell me and I don't want to get on
anyone's mailing list and I don't want them to hound me and
call me and show up at my door." I get that.
I'm the same person. I mean, when I started the annuityman.com a long, long
time ago because I used to be with Morgan Stanley, Dean Witter, Payne Webber
or Ubs, I don't like people calling me and
trying to sell me something. I want all the information that I want.

I want to
request it, I want to get it in. I want you to leave me the heck alone
so I can make a decision on my terms and my time frame. That's how we
we've done it at the annuity man. People always say to me, "Well, you know, annuities
aren't bought. They're sold. All annuities are sold."
You come work with me. You're going to buy it. You know, here's the way the
typical process goes: You go to our site, use our retirement
calculators, our annuity calculators. Then you schedule call with me. Okay? If I
haven't sent you the books by then, I've sent you the books you can sign
my site.

I'll send them to you for free. We get on the phone.
We do all the the talking. We go through all your your goals. I ask you the 2
questions –"What do you want the money to contractually do? And when do you want
those contractual guarantees to start?" I do all of that. I send you the quotes.
I send you all the information that you need. If you want a specimen policy, I
send you that. And then I leave you alone. I really do. I
leave you alone. Now, you can email or call with questions
just to clarify things if you have any specific questions. But here's how the
buying process goes: With every single person, thousands
and thousands of people, all 50 states. I get an email that says,
'Hey, Stan. Ready to move forward. What's the next
steps?" Typically I've explained those next steps to you
during the last call.

But what's the next steps? Ready to move
forward. Or they'll call me, "Hey, Stan. Ready to go."
Calling me, emailing me. That's how the process works. That's how it should work.
So, our retirement calculators, annuity calculators aren't some
guys to get your information. And to just pound you into oblivion.
No. It's for you to understand the contractual realities
of what's out there. Remember that when you're looking for lifetime income with
annuities… And annuities are the only product on
the planet that solve contractually for lifetime income. You can never
outlive the money, that's what lifetime means.
You know, you can go and use our calculators all day long and look at the
numbers.

And start looking at, "Hey, this is what
this amount is going to pay." But remember that income from annuities
is primarily based on your life expectancy or life expectancies if it's
joint with the spouse or partner at the time you take the payment. The
older you are, the higher the payment. Sound familiar?
Social security anyone? Best annuity on the planet for inflation. Social security,
the higher the older you are the higher the payment. I hear it all the time.
"Well, Stan… You know, I was thinking about taking my social security at 65. But I'm
going to wait till i'm 70 because when I'm 70, the payments are higher." Why?
Because you're older. Same thing with annuities. Do not make it
any more difficult than that. Do not look at annuities as investments
because they're not. They're transfer risk products. That's all you're doing is
transferring the risk to the carrier to pay you for the rest of your life.
Or to pay you and your spouse.

One of the things that I hear all the time from
people that are looking at annuities for income is that
"I've never bought an annuities, Stan because when you die, the money goes poof."
Well, that's one of about 40 ways to structure it.
That's called Life Only. It's the highest payment but you don't have to do that.
You can structure it contractually so that you're going to
get a lifetime income stream. And when you die the income stream,
continues uninterrupted and unchanged for your spouse. And when they die,
whatever's left in the account goes to the beneficiaries. Meaning that
the evil annuity company doesn't keep a penny.
Surprised? Don't be. That's the way that we will
set up the contract. That's the reason it's important for us to talk. Because
I'm going to ask you those questions about you your spouse your partner,
what the goals are, what the overall assets are.

Do you need lifetime income?
Do you need principal protection? Do you need legacy? Do you want to solve for
confinement care? What do you want to do? And then I'm going to go at it trying to
use as little amount of money possible to solve contractually for that goal.
Then let me repeat that. I'm going to try to use as little money
as possible to contractually solve for your goal.
It's really that simple. You don't put all your money into
annuities. The annuity industry doesn't even want that. In fact, they want about
50% tops. That mean you have to buy one.

But
if you decide that annuities fit, about 50 tops of your overall investable
assets, non-home, but investable assets they feel comfortable with in annuities.
Regardless of type. Now, the regardless of type part of it is
where I come in because i want to make sure that
you're choosing the right type. If you ask the question –What do you want the
money to contractually do? And when do you want those contractual guarantees to
start? Those are the 2 questions that you need to ask, period.
Again, what do you want the money to contractually do. Underline contractual.
And when do you want those contractual guarantees to start? From those 2
answers, then I can match you up with the right annuity that will
provide the highest contractual guarantee.
Or from those two answers, I'll tell you you don't need an annuity.
Okay.

So, the average 401K balance for a 60 year old according to my staff and
them looking into it is around 200,000. Let's say it's a
little bit more than that. Let's say it's 400,000.
Is that enough? It depends. It depends on your lifestyle. It depends on how much
income you need. It depends on when you want to
turn on the income.

It depends on if you want to add a spouse or partner
to that. It depends on how you want to structure from a legacy standpoint for
any unused money when you die. It all depends. So, when we go back to the
retirement calculator question and everyone has their retirement
calculator and everyone thinks theirs is best.
You know, I think simple as complex, right? The simplicity
of an annuity quote really comes down to what you're trying to contractually
achieve. And what I would encourage you to do is go to my site at the
annuityman.com. Use the quotes at your leisure. And if
there does come a point in time that you want to connect
and really dig in and let me weigh in on how I think it should be structured
based upon your answers to me. Not based upon what I want. Based upon
on what you want, then that's the way to go. I'll tell you a good story and
I'll leave you with this.

I got a call the other day and you know,
it's the typical one-product pitch to the guy and the guy
just kept going through all the benefits. This guy had
listed none of the limitations just the benefits.
And you know, I say to him like I say to everybody, "Don't let the product
fit into your life. Let your life fit into the product."
And if I leave you with one thing, remember that your life,
your specific life, your customized life, your one of a kind life and family
needs to fit into the product as a customized product. The product
needs to be customized around that life of yours.
That's what it needs to happen. Retirement calculators can give you all
kinds of numbers. Retirement calculators can give you all
kinds of stats. Annuity calculators can give you the numbers.
But at the end of the day, it needs to be about you.
And so, instead of the agent saying, "I've got this product
fitted into your life." You need to say, "No. I've got this. I got this life.
I need to customize the product." And with that, I need you to hit the subscribe
button and I'll see you on the next Stan The Annuity
man video.

As found on YouTube

Retirement Guide

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