Jerry Golden on Retirement

Are You Worried About Running Out of Money in Retirement?

May 30, 2023 By Jerry Golden in Annuity Tags: Go2Income, guaranteed lifetime income, Income annuities

Planning that integrates income annuities can help alleviate the No. 1 fear of retirees, even in worst-case investment scenarios and when living way beyond your life expectancy.

(Our examples use Go2Income to develop plans, estimate annuity rates and prepare comparisons.)

Some people make retirement seem like so much carefree fun. And ideally it is a time to enjoy yourself, travel, and spoil your children. If we could just forget that Social Security is slipping toward a steep cliff, inflation continues at nearly three times what the Fed says is acceptable, and health care costs are soaring even as we age and are more likely to get sick, while the stock market looks sick, too.

If we could forget about all that, we would never worry about our retirement finances affecting our retirement lifestyle. Running out of money during retirement is the concern that consistently ranks as the No. 1 fear of retirees. (Here is one survey, from SeniorLiving.org, but there are many more.)

To Create a Better Plan for Retirement Income, Start Earlier

May 28, 2023 By Jerry Golden in Income Power Tags: Income allocation, Income annuities, QLAC, retirement income

Let’s explore how to figure out how much income your savings can generate at retirement and how to build a better plan when retirement is five or 10 years away.

The earlier you get serious about retirement income planning, the better, whether you are in your 50s, or in your 60s but delaying full retirement. We will first distinguish between plain old retirement planning vs. creating a plan for retirement income, which this article will address.

To create a better plan for retirement income start earlier

Don’t Hand Off Your Retirement Income Planning to AI Just Yet

April 12, 2023 By Jerry Golden in Annuity Tags: artificial intelligence, human advisers, retirement income

I created the Go2Income planning method to help people generate more spendable income in retirement and at the same time make the process more efficient for both retirees and advisors.

Now ChatGPT and other artificial intelligence programs have been introduced that, some influencers say, will replace Go2Income and advisors with AI solutions that produce even better results, and at even lower cost.

You might say it’s being set up as a Battle of the Titans: ChatGPT vs. Go2Income.

How to Fix Social Security and What to Do While We Wait

April 7, 2023 By Jerry Golden in Social Security Tags: Annuities, fix Social Security, Saving for retirement

Here are four proposals to modify Social Security and to ensure the program keeps going strong for future retirees.

I try to avoid political debates in my writing, but sometimes it’s unavoidable. Discussing Social Security and how to maintain its solvency is clearly a highly charged subject. It’s also timely, and I propose a new way to think about Social Security and how to leverage its administrative and actuarial support infrastructure.

My criteria for program changes are quite simple: (1) Social Security should be fair to all beneficiaries without the ability for anyone to “game” the system, and (2) Social Security’s ability to deliver lifetime cost-of-living protected income should be leveraged and made available in the private marketplace.

Why So Many Experts Consider Annuities a Win for Retirees

February 22, 2023 By Jerry Golden in Income Power Tags: Annuities, Go2Income, Jerry Golden, retirement income

Rising interest rates, pressure on Social Security, unpredictable markets and longevity risks are making annuities ever more attractive as a part of retirement planning.

Do you know what type of retirement product saw sales soar 44% in 2022 — and received praise and positive publicity in the finance field as consumers saw their other retirement investments lose value?

It’s not cryptocurrency! It’s not some hedge fund. Or junk bonds. It’s easily understood and won’t be seen as a fad in future years.

I’ve described it as a product that “doesn’t make your retirement; it makes your retirement better.”

So, what is it?

Its technical term is single premium immediate annuity, or SPIA. Some finance experts call it a simple annuity. As just one element of a plan for retirement income, I consider simplicity a plus, particularly when you read the positive reasons for the experts’ praise for this product. Others call it a paycheck annuity. It’s utilitarian. And I’ve used the term annuity payment contracts in earlier blogs. Whatever you call this annuity, it pays you a guaranteed income for life.