Income Power Archives - Page 2 of 3 - Jerry Golden on Retirement

How to put income into retirement INCOME planning

December 12, 2017 By Jerry Golden in Income Power Tags: Guaranteed Income, Income annuities, Income power, retirement income

I’ve been preaching about the importance of securing true income in retirement for a long time. And for just as long, I have seen that financial firms and advisors tend to view retirement planning as simply the accumulation of savings before retirement and the drawing down of savings (often described as “deaccumulation”) after retirement.

Of course, saving is important. But creating a plan to turn that savings into reliable income after you stop working full-time is the real answer to enjoying a satisfying retirement.

When I wrote about the 40th anniversary of the 401(k), I argued that for all its value in helping people to save, it does not replace the traditional pension, which offers guaranteed income for life.

The power behind Income Power

November 10, 2017 By Jerry Golden in Income Power Tags: Deferred income annuities, Income power, Kiplinger, Learning about Income Power, retirement savings

It’s hard to avoid advertisements that knock annuities. In fact, once you start doing online research about retirement, the warnings and diatribes will follow you to your inbox.

Every time I see one of these, I think of the quote from Albert Einstein: “If at first the idea is not absurd, then there is no hope for it.” Or to put it another way, the stages of reaction to an idea follow the predictable pattern of reject, resist, embrace and, finally, self-evident.

Having spent my career in the insurance, annuity and retirement industries, I know that certain annuities are overly complex. On the other hand, some are elegantly straightforward in their purpose and design. So, it’s just wrong to dismiss a category like annuities without investigating and understanding all the products or services within that category. More

How much of my retirement income should be guaranteed for life?

October 27, 2017 By Jerry Golden in Income Power Tags: Annuities, Income power, Kiplinger, Learning about Income Power, retirement income

Knowing the answer could reduce stress during retirement

Buying guaranteed income is in many ways like buying a car. You know you’ll enjoy owning it but the challenge of deciding which model and where to buy it may be unnerving. Just as you need a car for transportation, you need guaranteed retirement income for peace of mind. And similar to purchasing a car, you’ll need to make decisions about your guaranteed income.

How much do you want to spend? (% of savings allocated to purchase)
What model do you want? (current or future income)
What make? (annuity company)
Which options? (survivor benefits)

We built Go2Income to help investors answer those questions, for one simple reason. Many studies suggest that retirees appreciate the benefits of having guaranteed lifetime income, whether it comes from Social Security, a pension or income annuities. While the first two are automatic – with limited investor choices – the last is voluntary and very much underrepresented as a percentage of retiree savings. More

How I invented Income Power

October 10, 2017 By Jerry Golden in Income Power Tags: Annuities, Dependable spendable income, Guaranteed Income, Income power, Kiplinger, Learning about Income Power, retirement income

I have been a tinkerer and inventor my entire adult life, but instead of building a better mousetrap, I concentrate on financial products.

I started my career as an actuary and graduated to manage divisions of financial service companies. I even ran my own life insurance company. Now I’m an entrepreneur and financial advisor, constantly thinking about how to help people with the most common retirement question:

Will the money I saved for retirement last for the rest of my life?

My latest invention is Income Power, which tells investors how much lifetime income they can get from their retirement savings — guaranteed. It also helps analyze what steps to take if these savings won’t provide as much income as investors need. More

Income Power: Designed to Address Late-in-Retirement Expenses Other Calculators Ignore

September 28, 2017 By Jerry Golden in Income Power 2 Comments Tags: Kiplinger, Learning about Income Power

A visit to my new Income Power calculator at Go2Income.com might raise some questions both financial and existential. Income Power will help you answer them if you let it.

The financial question is easier, so let’s start with that.

People planning for retirement have asked why Income Power provides a path for substantial increases in income and continues that higher level of income beyond age 85, for life.

Conventional wisdom, they point out, states that living expenses go down as you age.