Several of you have asked me recently about my background and my qualifications to offer advice on retirement and, specifically, annuities.
I have spent my career working to help my generation of Boomers navigate the financial landscape, so that by now they can positively answer the questions most people ask as they near or enter retirement: Will I have enough money to enjoy retirement and not outlive my savings?
My bias is to support financial products and approaches that help consumers achieve peace of mind during retirement – which, after all, could last 30 years or more. I’ve also helped product providers change laws and rules in order to bring good ideas to market, while helping brokers and other product sellers expand their markets.
My ideas were not always embraced at first. But eventually regulators and industry leaders began to understand the advantages of my designs, which consistently build into these financial products opportunities for growth in values combined with downside protection.
Here are some highlights:
1973 – As part of a life insurance industry effort, I helped persuade the Securities and Exchange Commission and state insurance departments to approve variable life insurance, enabling life insurance purchasers to obtain the guaranteed protection of life insurance and the market opportunity of mutual funds.
1986 – Based on my efforts together with legal counsel, Congress passed legislation to permit owners of variable life insurance policies to invest in zero-coupon treasuries, thereby creating huge benefits for purchasers of these single-premium policies when rates were double-digit.
1988 – In the early stage of the development of variable annuities, Golden American Life (which I founded) offered funds managed by successful and well-known money managers to guide investments, and introduced death benefit protection for consumers.
1995 – While at AXA Equitable I received a patent on income annuities that gave consumers liquidity, addressing a major concern, while providing for a consumer-friendly adjustment in income payments.
1996 – Extending that income annuity concept, my team developed a variable annuity, which offered future income protection and wide investment choices when savings are growing.
2006 – Another patented product I led in developing, the RetireMentor/Retirement Management Account, guarantees income protection inside an IRA by gradually converting mutual funds to a unique form of income annuity.
2012 – Developed Savings2Income, giving consumers a retirement planning system that integrates income annuities as just another asset class.
2015 – Introduced Go2Income, an open architecture platform that educates and helps consumers customize income annuities to their own circumstances. With Go2Income, anyone can explore all types of income annuity options, anonymously and free of charge.
Today, I am founder and president of Golden Retirement, LLC, using my experience to help consumers create retirement plans that provide income that cannot be outlived.
And as the market presents new challenges, along with opportunities, I will continue to work for the benefit of consumers, helping them create dependable, spendable retirement income that will last a lifetime.