Guaranteed Income Fund - What is a Guaranteed Income Fund - khurak (2022)

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” s ago and everyone my name is derek ifasi. I m the owner of a a fosse financial group. Today s topic. I want to discuss with you life income and fully explain that for dummies because it s gonna mean a couple of different things to different people.

That are watching this life to income option is i just want to stress the importance of making sure that you re receiving lifetime income. This is meant for the individual that s either in retirement preparing for retirement whatever the case may be and they re looking to either utilize a life income option on their pension. They re trying to understand the importance of it through social security or trying to leverage a life income option through an annuity that they own or they might think about be thinking about purchasing and the reason. Why i have these three categorized together is the importance of income in retirement is substantial and that s the livelihood that s what determines whether or not an individual s going to be happy in their retirement.

We re not happy in the retirement and you know we deal with a bunch of clients on a daily basis. And it s never the client that says. Oh you know i i grew my money so much and i m so happy and you know it s in this risk with this stock. And i just timed out the market that well and i m my sex tease and you know i just love letting it ride.

I love my entire risk being being set up in the market. The individuals that are happiest are the ones that know they have a set income stream or they have multiple income sources coming to them that they can never outlive. So whether you re an individual that has just executed social security. You might have a pension income and then you re looking for an additional source to cover what your expenses are in retirement.

That is how the income plan is supposed to properly be set up is make sure that you re sitting down and you re doing your budget and you re seeing exactly to the decimal point. What are my current expenses. What are my expenses going to be in retirement. So maybe you still have a mortgage right now but then in retirement.

You re not gonna have that mortgage expense. So that expense could be reduced well. If you have let s say. Thirty thousand dollars coming to you for social security.

Another twenty thousand dollars coming to you from a pension and you have fixed expenses of sixty thousand or you have fixed expenses of. 50000 and you have inflationary expenses of 10000..

Guaranteed Income Fund - What is a Guaranteed Income Fund - khurak (1)
Meaning. You know a grocery bill. Whatever. The case may be anything that could be tied to inflation is going to be increasing each and every year you want to make sure that your income plan is set up properly for that aspect the lifetime income option so you could do this in a slew of different ways first off we understand social security is going to as long as the government staying and you know so as long as the government s not going under that should be pretty secure.

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Pensions are typically very secure as well depending. Upon who backs up that pension you know the individuals should that pension should continue that income should continue through the pension for the rest of their life. It s known as a defined benefit plan an individual work for a company for x amount of years. If they ve hit x.

Amount of years of service. Now they re guaranteed a source of income for throughout their retirement years once they ve suffice those retirement requirements. The secondary portion has to do with the new adiz and the reason why i include that is because annuities are the only financial vehicle. That s extremely secure that has legal reserve structures in place making sure that a person could place dollars in with the company to provide a lifetime income stream either immediately or at a later date and time so with the annuity process is very important because it first off if you already covered through social security and pension.

You already have that inflationary protection. There s no need to have an additional income source. But what individuals do a majority of individuals do not the majority of individuals do not have that pension income. They re only subject to that social security income and then they have these other types of accounts sitting.

There such as mutual fund accounts. Cash accounts that you sold the houses you sold a business. They have ira accounts. 401k accounts.

And what constantly happens is an individual s gonna go and try to grow that money and keep growing that money. But they have their these money s leveraged too heavily towards fees and market risks that could completely liquidate. That account. A prime example would be in 2008.

An individual walked into the year with a million dollars into their retirement. Accounts and then walked out of the..

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Year with less than 500000. And that s a very realistic scenario. A lot of people understand that hey that they took in 2008 s because. The market is nothing more than a big casino typically the market should always be going up.

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Which is fine and that s exactly why you want to leverage the market gains properly. But when it comes time for retirement comes time to pull money out of your retirement accounts you want to make sure that you at least have those pen though you at least have those income streams those lifetime income options available you know to to whatever your case may be once again if somebody had retirement accounts and that s tied to a type of mutual fund. Well you have mutual fund related fees that are associated with that account an advisor that s typically giving you those recommendations is going to charge you an advisor fee also known as a wrap fee the third negative is market risk. Yes.

The account could be growing growing growing growing growing everything could look fantastic. While you re working after that first day of retirement. You go. And you re deciding okay.

I m thinking about pulling out some money and all sudden your account gets gets hit with a 10 loss of 20 loss that s something that makes individuals panic regardless of how much money how much growth. They ve had in their accounts. If the market goes down. That s going to now have a really big shift on how they could spend their retirement dollars each and every year.

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So our recommendations is to make sure that you have this income play. You have multiple sources of income and you have it as a guaranteed aspect. You have guaranteed lifetime income going to you you don t want to play this guessing game in retirement and many times individuals have these types of accounts that are sitting there invested in the market and they have this big guessing game. Oh maybe i ll take out 4 this year.

Maybe i ll take out 5 this year. And at the end of the day you re pulling money from an account that could potentially go down that s getting swarmed with fees so one of my takeaways. My largest take away with the life income option and let me clear up is how do you maximize your benefit. If you have social security coming to you how do you know whether or not it s it s important or it s it s it s valuable to take it at age 62 or wait till 66.

Or wait till age 70. You know what are the pros and cons of doing it that way with your pension income and i give an example a prime example..

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My grandfather he was walking out the door he struck his single life only pension option. While my grandmother stopped him. And said. What s in your hand.

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And you know he already filled out the papers for a single life pension option well that was a huge mistake they get into an argument and he switched it over to a joint life income option. Therefore she was able to continue that pension income was to be able to continue he passed away at age 69. She passed away in her late 80s. So that income was still able to keep coming to her even after long after he passed away.

So you know different things like that she still had that income source coming to her she still had social security that was coming to her now this third aspect is the annuities and this is something that you have to make sure they set up in a specific way annuities could provide you lifetime income. But there s a lot of cons with annuities you have multiple companies out there. And what they do is they play the smoke and mirrors approach they play these different games with income streams of saying oh we have an income rider we re gonna guarantee you seven percent of income on your on your accounts eight percent income on your account and it goes by how much maximize income stream dues each each carrier provide if somebody s sixty years old and they looking to turn on income at age 65. Well you might have company a that s going to give you a calculation.

A guaranteed lifetime income stream based upon the claims paying ability of that company it might give you a lifetime income stream of you know seven thousand dollars for each hundred thousand that you place into that product or company b might be giving you six thousand dollars. But this makes it sound so attractive because they re telling you about these ten percent bonuses and these these roll up rates. And all these different fluff is smoke and mirrors at the end of the day. It s how can you get the most amount of money and the most important aspect of that is how to place the smallest amount of dollars possible into a specific type of plan to get the most amount of benefit as small as amount as possible.

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But as necessary as needed it s necessary as possible to make sure that you had that peace of mind income and what that ultimately does is it maximizes out your emergency funds those accounts that are completely liquid to your fingertips. Maybe you want to have a large portion. The savings account. Maybe you want to take whatever you already suffice for those income sources and you want to just risk that in the market that anytime.

The market has a gain now you could go on the vacation. Now you could buy that car whatever the case may be you could go on that you could travel to see your grandchildren you know go fishing every day play golf every day. Whatever. The case may be you have to make sure that there s income plan is set up properly because that s how you successfully retire at the very last aspect.

It s inflationary protection and a lot of advisors. Do not incorporate that into their plans..

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And they just say oh let your money grow and you know it ll just work itself out and what we try to do is set up specific plans. We go through all the top carriers proprietary strategy to make sure that when you get set up in a plan that you have your specific budget and you have your specific goals. Met that your expenses are covered and then we re also covering your inflationary protection your inflationary expenses as well. So that as those expenses are increasing each and every year rather than giving you a flat dollar amount.

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We ladder a certain strategy set up to give you steps and step up some bumps and income every few years to make sure that s incorporating that inflationary protection. So you know the takeaway from this at any point in time. You ve found value in this video. Feel free to give us a call at our 1 800.

Number. It s one eight hundred five six six one zero zero two we offer 24 7 customer service. Because the amount of volume that comes into our office. We want to make sure you re constantly having a special so you could speak of if you were having night.

Sweats. And it s two o clock. In the morning. You need to speak to a specialist.

You give us a call and we ll have a specialist standing by we are a plus rated in the better business bureau. We ve always had very good reviews. We ve never had any complaints is the cause of this methodical process. I want to thank you very much for watching this video please make sure to subscribe to our youtube channel.

Retire. Sharp. So you can have access to the most updated videos thanks ” ..

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What is a guaranteed income fund at Prudential?

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What is the key guaranteed portfolio fund?

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Are Prudential Annuities a Good investment?

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