Joint and Survivor Life Annuity To Help Retirees & Boomers To Have An Income They Cannot Outlive!
10/6/2020… Best Annuity and Sales Training For Agent And Advisors! Do you want to help retirees and boomers? Then, do you know that a Joint and Survivor Life Annuity (AKA Joint Life Immediate Annuity) is one of the best ways for you to help retirees and boomers to have more money to spend in retirement? While you help retirees and boomers have a guaranteed income they cannot outlive! And it is an easy sale when you understand how it works to help retirees and boomers! And you get the annuity sales training you need to present it the right way.
Let’s compare an income from Stocks and/or Bonds to a Joint and Survivor Life Annuity!
Let’s assume you have $100,000 of non-qualified money that you want to use to provide an income when you retire.
1. A $100,000 invested in a Joint and Survivor Life Annuity, with both people at age 65, will pay out about $5,600 per year. And it is guaranteed for the life of both of those people. Note The older you are when you invest in a Joint and Survivor Life Annuity! Then the higher your income will be.
2. Now you have an exclusion allowance on the Joint and Survivor Life Annuity income of 70%. So you will pay taxes on only $1,680 of the $5,600 income. At a 15% tax rate, your taxes would be only $252. So the net income for you to spend is $5,348.
3. If you invest $100,000 in stocks and/or bonds, then you would need to withdraw $6,292 per year (that’s over 6.29% per year) to have the same net spendable income of $5,348. ($6,292 – 15% taxes = $5,348)
The Problem With Stocks and Bonds!
4. Numerous ‘INDEPENDENT’ studies have shown that if you invest in stocks and/or bonds, then a 3-5% withdrawal rate is all you can take. That is if you want a 90% or better chance of not running out of money during retirement. How would you feel if you had to tell just one person that they have run out of money? How would it feel if you had to tell 10 of your clients (10 out of 100) that they have run out of money?
A 1998 study by three professors at Trinity University, measured various withdrawal rates and asset models between 1926 and 1995 to gauge how successful those rates were at sustaining portfolios over specified periods. When adjusted for inflation, 3% withdrawal rates on stock-heavy portfolios (between 50% and 100%) were 100% successful at maintaining assets for 30 years. While 4% withdrawal rates achieved success in the mid-to high-90% range depending on the stock allocation. A 100% bond portfolio had only an 80% success rate for 30 years.
These studies jibed with Harvard University researchers in 1973. They found that a 4% withdrawal rate on a portfolio with 50% stocks and 50% bonds, with withdrawals adjusted for inflation, could maintain that income without depleting the principal.
5. How many people will run out of money if they withdraw over 6% per year… 20%, 30%, or more? How would it feel to have to tell 20 or more of your clients (out of 100) that they have run out of money?
6. If the safe withdrawal rate for stocks and/or bonds is only 3-5%, then using an average of 4% they would have only $3,400 in spendable income after taxes. ($4,000 – 15% taxes = $3,400) This gives them only a 90% chance of not running out of money.
7. If they have their money in stocks and/or bonds and have to use part of it for an emergency, then will they have to take less income? So that they will not run out of money later?
8. And, this doesn’t take into account that they may need long-term care. Then they may have to spend down part or all of the money that they have in stocks and/or bonds. Which means their spouse would lose that income.
The New England Journal of Medicine reports that about 51%, of people 65 years and older, will eventually need Long Term Care.
The Solution… A Joint and Survivor Life Annuity
9. If they put $64,286 into Joint and Survivor Life Annuity, with both participants age 65, then it will pay out $3,600 per year. And their net spendable income is $3,438. ($3,600 – 15% taxes = $3,438) This gives them a 100% chance of not running out of money. And that income is guaranteed for life. So they cannot outlive their income!
10. Now they have $35,714 that is growing each year for emergencies. And they can use that money to supplement their income for inflation. (In 24 years @ 8% they would have $307,195.10) Plus, they have a guaranteed income that they cannot outlive!
Studies have shown that a Joint and Survivor Life Annuity can provide a secure income for 25% to 40% less money. Wharton Financial Institutions Center… “Policy Brief: Personal Finance, August 14, 2007, Investing your Lump Sum at Retirement!.”
11. This isn’t even accounting for the potential tax savings on their Social Security income. Because of the exclusion allowance, they will have a Joint and Survivor Life Annuity.
Your Social Security benefits generally are not taxable if half of your Social Security benefits, plus all your other taxable income, is less than $25,000 if you are single ($32,000 if you are married filing jointly). If half of your Social Security benefits, plus all of your other income, is more than $34,000 (for singles) or $44,000 (married filing jointly), then 85% of your Social Security benefits are subject to income tax. If you fall somewhere between the lower and upper limits, then the percentage of your taxable Social Security benefits varies between 0% and 85%.
12. Are you concerned about the low-interest rates today for Joint and Survivor Life Annuity? Then you might want to consider using the split funding annuity concept. And then use stocks and/or bonds for long-term gains. (Laddering) It has the potential to provide substantially more income, with even more liquidity. And their income is guaranteed. We will give you more about the split funding annuity concept in our next newsletter.
Using a Joint and Survivor Life Annuity will free up money that retirees need for Life Insurance, Long Term Care Insurance, and more!
“If the market goes down tomorrow, how much income will your clients lose?”
Would you like to learn more about the Joint and Survivor Life Annuity? So that you can provide the best solutions to help retirees and boomers? Do you want to create a great annuity sales presentation? Do you want to get the best annuity training for agents and advisors to help retirees and boomers to have a guaranteed income they cannot outlive? So that you close an annuity sale with almost everyone you meet with? Then check this out. We can and will help you to get the best annuity and sales training… Click here!
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