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Retirement Calculator | What Is The Average 401(k) Balance Of A 60-Year-Old? - YouTube
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Hi there. Stan The Annuity Man, America's
Annuity Agent. Licensed all 50 states. I
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have big props.
Props to my big props, producer. I hold in
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my hand a
darn big phone. A big darn phone. That
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would be a
B-D-P. And this is a B-D-C.
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Big darn calculator. Why do I do that? It's
because we're talking about retirement
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calculators. How much
a 60-year old has... You know, I
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get that question a lot. "How much does a
60-year old have,
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how much money does a 70-year old have
in retirement?"
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Etc. We're going to cover those
things. I'm going to give you some stuff
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that
my staff research that are pretty cool.
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The bottom line is go to my site at the
annuityman.com. We have annuity
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calculators you can use. But I do
encourage you to use those first then
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set a time with me.
Then I can get involved in the process
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because most quotes are customizable.
And you don't know what you don't know. I
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mean... So, you're going into the annuity
space, you're trying to learn.
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You go to my site i send you my books.
You set a time and I get on this big
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phone and I talk to you and we have a
one-on-one.
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I like that, producer. But annuities are
customizable. So, there's not just a one-
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size-fits all. Even though a lot of
people sell them as such.
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I want you to think... When you think in
annuities or you think in retirement
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calculators,
it's all about what you want and what
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your goals are and what you want to
contractually solve for.
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Forget the products that are pitching,
being pitched to you.
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Forget all that. Forget all the nonsense.
Forget all the ads. Forget all of that.
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It comes down to a customizable solution.
And hopefully, I
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can be a part of that and help you that.
But not until we hear some music.
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So, what's the average 401K balance of a
60-year old? We looked it up. It's
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a little bit less than 200,000. Which
isn't enough to live off of. We all know
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that. I mean, we know that.
I read some site. I thought this was
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pretty interesting. They think you should
have
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8 times your final salary in a 401K.
I love these arbitrary
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things like that. But that was kind of
interesting as well. But most people
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don't have that. Most people
they have a good lump sum in
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their 401K and they're looking at their
investments as a whole and they're
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saying, "Okay,
I need to go to some of these sites and
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do some retirement calculators and
figure out this. And
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I'd rather not speak to anybody because
I don't want anybody to sell me and I
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don't want to get on
anyone's mailing list and I don't want
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them to hound me and
call me and show up at my door." I get
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that.
I'm the same person. I mean, when I
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started the annuityman.com a long, long
time ago because I used to be with
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Morgan Stanley, Dean Witter, Payne Webber
or Ubs,
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I don't like people calling me and
trying to sell me something. I want all
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the information that I want. I want to
request it, I want to get it in. I want
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you to leave me the heck alone
so I can make a decision on my terms and
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my time frame. That's how we
we've done it at the annuity man. People
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always say to me, "Well, you know, annuities
aren't bought. They're sold. All annuities
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are sold."
You come work with me. You're going to
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buy it. You know, here's the way the
typical process goes:
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You go to our site, use our retirement
calculators, our annuity calculators.
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Then you schedule call with me. Okay? If I
haven't sent you the books by then, I've
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sent you the books you can sign
my site. I'll send them to you for free.
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We get on the phone.
We do all the the talking. We go through
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all your your goals. I ask you the 2
questions --"What do you want the money to
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contractually do? And when do you want
those contractual guarantees to start?" I
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do all of that. I send you the quotes.
I send you all the information that you
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need. If you want a specimen policy, I
send you that.
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And then I leave you alone. I really do. I
leave you alone.
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Now, you can email or call with questions
just to clarify things if you have any
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specific questions. But here's how the
buying process goes:
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With every single person, thousands
and thousands of people,
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all 50 states. I get an email that says,
'Hey, Stan.
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Ready to move forward. What's the next
steps?" Typically
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I've explained those next steps to you
during the last call.
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But what's the next steps? Ready to move
forward. Or they'll call me, "Hey, Stan.
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Ready to go."
Calling me, emailing me. That's how the
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process works. That's how it should work.
So, our retirement calculators, annuity
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calculators aren't some
guys to get your information. And to
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just pound you into oblivion.
No. It's for you to understand the
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contractual realities
of what's out there. Remember that when
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you're looking for lifetime income with
annuities...
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And annuities are the only product on
the planet that solve contractually
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for lifetime income. You can never
outlive the money, that's what lifetime
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means.
You know, you can go and use our
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calculators all day long and look at the
numbers.
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And start looking at, "Hey, this is what
this amount is going to pay."
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But remember that income from annuities
is primarily based on your life
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expectancy or life expectancies if it's
joint with the spouse or partner
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at the time you take the payment. The
older you are, the higher the payment.
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Sound familiar?
Social security anyone? Best annuity on
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the planet for inflation. Social security,
the higher the older you are the higher
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the payment. I hear it all the time.
"Well, Stan... You know, I was thinking about
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taking my social security at 65. But I'm
going to wait till i'm 70 because when
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I'm 70, the payments are higher." Why?
Because you're older.
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Same thing with annuities. Do not make it
any more difficult than that.
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Do not look at annuities as investments
because they're not. They're transfer
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risk products. That's all you're doing is
transferring the risk to the carrier to
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pay you for the rest of your life.
Or to pay you and your spouse. One of the
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things that I hear all the time from
people that are looking at annuities for
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income is that
"I've never bought an annuities, Stan
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because when you die, the money goes poof."
Well, that's one of about 40 ways to
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structure it.
That's called Life Only. It's the highest
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payment but you don't have to do that.
You can structure it
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contractually so that you're going to
get a lifetime income stream.
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And when you die the income stream,
continues uninterrupted and unchanged
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for your spouse. And when they die,
whatever's left in the account
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goes to the beneficiaries. Meaning that
the evil annuity company doesn't keep a
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penny.
Surprised? Don't be. That's the way that
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we will
set up the contract. That's the reason
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it's important for us to talk. Because
I'm going to ask you those questions
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about you your spouse your partner,
what the goals are, what the overall
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assets are. Do you need lifetime income?
Do you need principal protection? Do you
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need legacy? Do you want to solve for
confinement care? What do you want to do?
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And then I'm going to go at it trying to
use as little amount of money possible
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to solve contractually for that goal.
Then let me repeat that.
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I'm going to try to use as little money
as possible
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to contractually solve for your goal.
It's really that simple.
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You don't put all your money into
annuities. The annuity industry doesn't
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even want that. In fact, they want about
50%
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tops. That mean you have to buy one. But
if you decide that annuities fit,
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about 50 tops of your overall investable
assets, non-home, but investable assets
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they feel comfortable with in annuities.
Regardless of type.
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Now, the regardless of type part of it is
where I come in because i want to make
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sure that
you're choosing the right type. If you
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ask the question --What do you want the
money to contractually do? And when do
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you want those contractual guarantees to
start? Those are the 2
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questions that you need to ask, period.
Again, what do you want the money to
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contractually do. Underline contractual.
And when do you want those contractual
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guarantees to start? From those 2
answers, then I can match you
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up with the right annuity that will
provide the highest contractual
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guarantee.
Or from those two answers, I'll tell you
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you don't need an annuity.
Okay. So, the average 401K balance for a
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60 year old according to my staff and
them looking into it
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is around 200,000. Let's say it's a
little bit more than that. Let's say it's
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400,000.
Is that enough? It depends. It depends on
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your lifestyle. It depends on how much
income
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you need. It depends on when you want to
turn on the income. It depends on
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if you want to add a spouse or partner
to that. It depends on how you want to
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structure from a legacy standpoint for
any unused money when you die.
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It all depends. So, when we go back to the
retirement calculator question
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and everyone has their retirement
calculator and everyone thinks theirs is
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best.
You know, I think simple as complex, right?
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The simplicity
of an annuity quote really comes down to
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what you're trying to contractually
achieve. And what I would encourage you
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to do is go to my site at the
annuityman.com.
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Use the quotes at your leisure. And if
there does come a point in time that you
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want to connect
and really dig in and let me weigh in on
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how I think it should be structured
based upon your answers to me. Not based
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upon what I want. Based upon
on what you want, then that's the
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way to go. I'll tell you a good story and
I'll leave you with this.
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I got a call the other day and you know,
it's the typical
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one-product pitch to the guy and the guy
just kept going
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through all the benefits. This guy had
listed none of the limitations just the
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benefits.
And you know, I say to him like I say to
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everybody, "Don't let the product
fit into your life. Let your life fit
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into the product."
And if I leave you with one thing,
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remember that your life,
your specific life, your customized life,
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your one of a kind life and family
needs to fit into the product
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as a customized product. The product
needs to be customized around that life
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of yours.
That's what it needs to happen.
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Retirement calculators can give you all
kinds of numbers.
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Retirement calculators can give you all
kinds of stats. Annuity calculators can
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give you the numbers.
But at the end of the day, it needs to be
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about you.
And so, instead of the agent saying, "I've
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got this product
fitted into your life." You need to say, "No.
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I've got this. I got this life.
I need to customize the product." And with
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that, I need you to hit the subscribe
button and I'll
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see you on the next Stan The Annuity
man video.
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