Welcome from Coach Pete

Tom Hegna: Retirement income

Terrell Davis: Consistency

Jen Sincero: Mindset and action

How to reach us

Meet Coach Pete and hear why he shares these conversations. This short introduction features archive highlights from retirement author Tom Hegna, Pro Football Hall of Famer Terrell Davis, and bestselling author Jen Sincero—on income for life, consistency, and taking action.

Call 800-661-7383 or text PLAN to 600-700.

Hear the full conversations:
Tom Hegna: Don't Worry, Retire Happy and Income for Life
Terrell Davis: The Four-Yard Run, Football, and Financial Discipline
Jen Sincero: Making Money and the Mindset of Wealth (Full Interview)

Produced October 15, 2026, from finished Coach Listens interview audio.

Transcript

Automatically transcribed from this episode; timestamps are approximate.

00:00 I talk to very interesting people, and the most important part is that I shouldn't be the only one hearing it.

00:05 I really feel that if these people make sense to me, that everyone out there needs to hear it.

00:10 A successful retirement really has two key components.

00:14 Number one is increasing income for the rest of your life, and number two is risk management.

00:20 So my coach, when I got to the NFL, said, hey, man, we're not trying to have the long runs.

00:26 If you break a long run, that's great.

00:28 But what we want is consistency.

00:29 We want to be able to say, what is repeatable?

00:33 Absolutely, and it's because your mindset is what propels you to take action.

00:38 So if your mindset is focused on, I can't, it's impossible, it's going to be hard and no fun, your actions are going to reflect that, and you're going to get very, very much nowhere.

00:52 And very, very quickly.

00:54 800-661-7383 is the number to call.

00:56 800-661-7383.

00:59 You can also text keyword plan to 600-700.

01:02 Keyword plan to 600-700.

Meet Coach Pete and hear why he shares these conversations. This short introduction features archive highlights from retirement author Tom Hegna, Pro Football Hall of Famer Terrell Davis, and bestselling author Jen Sincero—on income for life, consistency, and taking action.Call 800-661-7383 or text PLAN to 600-700.Hear the full conversations:<ul><li><a href="https://omny.fm/shows/coach-listens-with-coach-pete/coach-listens-with-returning-guest-author-of-dont">Tom Hegna: Don&#x27;t Worry, Retire Happy and Income for Life</a></li><li><a href="https://omny.fm/shows/coach-listens-with-coach-pete/coach-listens-with-special-guest-terrell-davis-nfl">Terrell Davis: The Four-Yard Run, Football, and Financial Discipline</a></li><li><a href="https://omny.fm/shows/coach-listens-with-coach-pete/author-jen-sincero-long-version">Jen Sincero: Making Money and the Mindset of Wealth (Full Interview)</a></li></ul>Produced October 15, 2026, from finished Coach Listens interview audio.TranscriptAutomatically transcribed from this episode; timestamps are approximate.00:00 I talk to very interesting people, and the most important part is that I shouldn&#x27;t be the only one hearing it.00:05 I really feel that if these people make sense to me, that everyone out there needs to hear it.00:10 A successful retirement really has two key components.00:14 Number one is increasing income for the rest of your life, and number two is risk management.00:20 So my coach, when I got to the NFL, said, hey, man, we&#x27;re not trying to have the long runs.00:26 If you break a long run, that&#x27;s great.00:28 But what we want is consistency.00:29 We want to be able to say, what is repeatable?00:33 Absolutely, and it&#x27;s because your mindset is what propels you to take action.00:38 So if your mindset is focused on, I can&#x27;t, it&#x27;s impossible, it&#x27;s going to be hard and no fun, your actions are going to reflect that, and you&#x27;re going to get very, very much nowhere.00:52 And very, very quickly.00:54 800-661-7383 is the number to call.00:56 800-661-7383.00:59 You can also text keyword plan to 600-700.01:02 Keyword plan to 600-700.

Coach Pete D’Arruda talks with authors, financial experts, entrepreneurs, entertainers, and other interesting guests about money, retirement, business, technology, and life. Hear practical ideas and personal stories from Financial Safari interviews, including recent conversations and selected archive recordings. Explore retirement income, Social Security, investing, entrepreneurship, personal growth, and more.

Call 800-661-7383 or text PLAN to 600-700.

Explore Coach Listens
Start Here: Coach Listens
Money, Retirement, and the Economy
Business, Technology, and Entrepreneurship
People, Stories, and Life

Coach Pete D’Arruda talks with authors, financial experts, entrepreneurs, entertainers, and other interesting guests about money, retirement, business, technology, and life. Hear practical ideas and personal stories from Financial Safari interviews, including recent conversations and selected archive recordings. Explore retirement income, Social Security, investing, entrepreneurship, personal growth, and more.Call 800-661-7383 or text PLAN to 600-700.Explore Coach Listens<ul><li><a href="https://omny.fm/shows/coach-listens-with-coach-pete/playlists/start-here">Start Here: Coach Listens</a></li><li><a href="https://omny.fm/shows/coach-listens-with-coach-pete/playlists/retirement-and-money">Money, Retirement, and the Economy</a></li><li><a href="https://omny.fm/shows/coach-listens-with-coach-pete/playlists/business-and-entrepreneurship">Business, Technology, and Entrepreneurship</a></li><li><a href="https://omny.fm/shows/coach-listens-with-coach-pete/playlists/people-stories-and-life">People, Stories, and Life</a></li></ul>

Coach Listens with Coach Pete

New to Coach Listens? Begin with this selection of conversations spanning retirement, entrepreneurship, technology, sports, entertainment, and personal growth. The collection mixes recent interviews with archive highlights; each episode keeps its original listing date.

Call 800-661-7383 or text PLAN to 600-700.

This is a collection from Coach Listens with Coach Pete. Follow the main podcast for the complete archive and new interviews.

New to Coach Listens? Begin with this selection of conversations spanning retirement, entrepreneurship, technology, sports, entertainment, and personal growth. The collection mixes recent interviews with archive highlights; each episode keeps its original listing date.Call 800-661-7383 or text PLAN to 600-700.This is a collection from <a href="https://omny.fm/shows/coach-listens-with-coach-pete">Coach Listens with Coach Pete</a>. Follow the main podcast for the complete archive and new interviews.

New to Coach Listens? Begin with this selection of conversations spanning retirement, entrepreneurship, technology, sports, entertainment, and personal growth. The collection mixes recent interviews with archive highlights; each episode keeps its original listing date.

Start Here: Coach Listens

Meet Coach Pete and hear why he shares these conversations. This short introduction features archive highlights from retirement author Tom Hegna, Pro Football Hall of Famer Terrell Davis, and bestselling author Jen Sincero—on income for life, consistency, and taking action. Call 800-661-7383 or text PLAN to 600-700.

Welcome to Coach Listens with Coach Pete

Conversation with Mike Milligan

Taxes and planning ahead

Understanding annuities

Market cycles and uncertainty

Coach Pete D’Arruda and Mike Milligan discuss qualified longevity annuity contracts, retirement-account withdrawal requirements, and the differences among annuity products. They consider why evaluating a financial product requires more than a blanket endorsement or rejection, and why income, access to money, growth, and personal goals need to work together. Part four of their Financial Safari conversation.

Call 800-661-7383 or text PLAN to 600-700.

Transcript

Automatically transcribed from this episode; timestamps are approximate.

00:00 Welcome back into the Financial Safari. Loving the conversation today. I'm Thomas Lipscomb in studio with bestselling author Coach Pete D’Arruda, also joining us today, host of the One of a Kind Financial Show. He's an author. Mike Milligan, catch up on the show by heading over to FinancialSafari.com. Hey, Mike, do you do any QLACs? Yeah, I've been doing QLACs for like the last 11 years. Oh, okay, yeah. A lot of people don't understand them, so we don't talk about them too many times on the show. QLAC stands for Qualified Longevity Annuity Contract. Yep. You know, you've lived in a world for so long where you've deferred, deferred, deferred, and then all of a sudden you hit an age, and the IRS and the government says it's time to take a required minimum deposit. And you notice I say deposit there, right? Yep. Not distribution. Correct.

00:45 Because it's a required minimum deposit back to their company, right, to the IRS first, right, in taxes, and then you get what's left over. The required minimum deposit that goes to the IRS in the form of taxes is because they're your business owner. So what a QLAC allows you to do is take a little bit of your IRAs, a little bit of your 401k money, and defer it out a little bit longer so those RMDs don't begin, you know, to as late as 85. Yeah. And most find it. You know, the interesting thing about QLACs, Pete, is most firms don't even know they exist. They, they, and then, and then when they hear the word that it's QLAC and they hear annuity, they're like, oh, that's bad. It's got to be bad. It's not bad, folks.

01:31 Right? It's, it's longevity insurance. Right? It's a promise. Yeah. But Pete, did you find the name of the book? Yeah, Quiet Place. Quiet Place. And it's, it's a book about the QLAC, but it's also about how to, how to make sure you have the lifetime income. Now, here, here's one of the misconceptions about QLACs. It's a funny name. It sounds like Aflac a little bit. Yes, it does. That's what I thought. A duck. But a lot of people thought, Mike, and this is a misconception, and I think it's been fertilized by some people who, who don't want you to put money in a QLAC, fertilized, in other words, growing the rumor, the bad rumor, is that you could not touch the money once you put it in until age 85. But the, that's the exact opposite. You have to start taking the money by age 85. You could put it in today at age 65 and take it, start taking it out at age 66.

02:18 Correct? Yeah. It is. Yeah. You know, the technical, I mean, what a QLAC really technically is, is a deferred income annuity. That's really all it is. Zadia. Right? It just has contract language from the IRS code that allows you to avoid RMD on that for a long period of time. It's a good way to pay less RMDs if you're not needing the money. Then put it in a long-term contract where the government can't touch it. Makes sense. And guess what you could do if you, and guess what you could do if you don't need the RMDs? You could use it for something like maybe a Roth conversion. A lot of people do that. Or, you know, you could lower, yeah, I mean, you could lower your tax bracket. The other thing that most people don't realize, too, about, like, later in life is your medical expenses are going to be a whole lot higher. They're just going to be higher when you're that age. And that's going to be for most people, not for everybody, but they're going to be higher.

03:04 The good news is if your medical expenses are over 7.5% of your total income, guess what? You get to itemize that. Right? So there's a potential for even that QLAC income when it starts at 85 to be tax-free if you're using it for medical. QLAC, to me, is also, like, it's just another way to, like, protect long-term care without necessarily having to pay the premiums of long-term care insurance. It's a great strategy to use. You can self-protect yourself or self-fund yourself if you put enough money away. Self-fund. That's exactly right. That's a good way. And you're not paying tax every year on it while you're deferring, which is a very big part. That's right. Compared to anywhere else people have money, you're going to get taxed every year on that. So this way you're not. Exactly. I want to jump in and ask, what happens to a spouse or beneficiary when the person who owns the QLAC passes?

03:54 It goes to the beneficiary. It's still an IRA, right? So it hasn't mysteriously gone to some new world of taxation, right? Okay. The government still wants their required minimum deposit on it. They still want their taxes. They want their share, right? But it goes to the beneficiary. The most important form in that QLAC when you sign up is something called the beneficiary designation form. So basically you assign ahead of time what's going to happen if you're not here anymore. Okay. And that's where people say, what happens if I die early? Does all that money disappear? No. It goes on to whoever. Money never disappears. It goes on to whoever you assign. Okay. Now, if you don't assign anybody, it will go to your will or your estate. And that creates a couple situations you don't need to create if you make sure you have those beneficiary designations. And if you have financial products now, which most people listening do, do you have your bank account set up POD?

04:45 That means payable on death. Do you have your brokerage account set up TOD, transfer on death? These bypass probate if you set them up right. And your beneficiary designations, I've seen people in the past, Thomas and Mike, where they met with me. And when we had this beneficiary form designation conversation, we'd bring out some of their old forms and they were ex-spouses still on there. That creates a nightmare if you didn't correct that, right? So we luckily were able to correct that. So if you'd like a true beneficiary review, give us a call right now. We'll do it at no cost or obligation. We've seen others charge a lot of money for this, Thomas, because this could cost you a whole lot of money if you don't do it right. Let's make sure to get it done at no cost and make sure it doesn't cost you in the future. The lines are open. Take advantage of this opportunity. 800-661-7383. 800-661-7383.

05:32 Or text keyword plan to 600-700. That's keyword plan to 600-700. All right, Mike, annuity. We've been talking about annuities a little bit because I think they're good to talk about. There's nothing to be ashamed of of annuity. There are some bad ones. There are some good ones. But when someone says, I don't want to look at any annuities because of the fees, what would you tell them? Well, good. Let's dissect them. Right? Some don't have them. That's right, because some don't have them. Like, it's so good. If you think annuities are good minus the fees, guess what? We can find one like that. It's just like anything in life, Pete, right? If you, you know, take a pie, for instance, right? There's some pies that I hate. There's some pies in it. But like, would you, if like, I don't want, like, I don't want a cherry pie.

06:21 And you may say I love cherry pies, but I don't want a cherry pie. I like the song. But if I don't like cherry pies, are all pies bad? No. Are all pies bad because cherry pies bad? No, not at all, right? I mean, there's different types. There's fruit pies. There's sweet potato pies. There's savory pies. Guys, annuities, if you're fee adverse, there's annuity solutions for you. Annuities also come with a lot of benefits. A lot of people don't know, right? There's tax deferral if you're in a tax bracket. You don't get like a double tax deferral if you're in an IRA and the annuity. There's also every annuity comes with guaranteed lifetime income in the contracts, right? Already, every annuity, I don't care which one you have, it's in there. And then it comes with, and then, you know, state regulators say, you know, always supposed to talk about this,

07:10 but there is state insurance guarantee funds on annuities. Every state's have them, right? For up to a certain amount. The people that say annuities are bad, grouping them all together, are people with an agenda, right? If somebody tells you, though, that the only thing they do is an annuities, guess what? They also have an agenda. You need to work with a firm, work with a group that has a total picture, right? Everything from CDs to Bitcoin, boy, those things have attributes for investments. They don't mean they have attributes for you, right? But we have to come up with a plan that includes everything. We have to analyze everything. That's good. And then get you that life that you really want to live. And again, you can begin that process by calling 800-661-7383, 800-661-7383.

08:00 You can also connect by texting that keyword plan to 600-700. That is keyword plan to 600-700. You know, it's funny. The people that have asked me about fees and annuities over the years seem to be the people that have been getting feed to death with financial termites on the risk side. So they assume that the safe side is going to be as bad as the risk side. And there are some bad safe options too, Thomas. And that's why you need to deal with a fiduciary who sits down and analyzes. I would never put anyone in something I wouldn't put myself in. Exactly. Like the Mikey, the financial world. It's true. Hey, what would you tell somebody when you're having an annuity conversation with them about this lifetime income, Mike? And they say, I can do better in the market. Well, I mean, you know, the market has performed well historically over time. And so I'd agree with you, right, that there's the potential that you could do better in the market. Well, probability.

08:46 There's also the potential that the market can do what it did in 2007, 2008. There's the potential that the market could do what it did after Y2K. There's the potential that 1987 rears this ugly head again. And do you want to really put your plan based off potential now? On the other hand, our plan, we can set some money over for guaranteed income that you need and that you want for life. And we can still take that potential to help you keep pace with inflation, to give you growth that you want, to leave that legacy, that big legacy you want for your family. So why don't we take some potential for downside off the table? You know, people are mostly optimistic. They only think about the good that can happen.

09:31 They don't think about the bad. And so that's the one thing that we're here to remind people that potential also has the potential for loss. It has the potential to go against you. And that's how I talk to people about it. You're cleaning out your grandparents' house. You find this little vase. You start rubbing it because you're trying to clean it a little bit, and a genie pops out. You say, I got you one wish, but in this one wish, I can give you four things. I can give you an ability to share in the gains of the market. I can let you share. After you share in the gains, lock those gains in so you never lose them. You'll never lose due to the market. And whenever you decide you can get a lifetime income, you can never outlive. That'd be a pretty good genie, wouldn't it? What would you say to that genie? Would you give that genie some money to put that in action for you?

10:20 Absolutely, I would, because at the end of the day, that genie is giving you upside potential, right? But he's also giving you what you need for your life. And, you know, sometimes when we think about that whole genie analogy, you want something that's beyond our reach. If you're in the market, there is for certain a market downturn coming in the future. There is for certain. And if you want to reduce your income, take less income, if you're using a market-based approach on your income, you also have to be disciplined enough that when that 20% or 30% downturn comes, to reduce your income by 20%, 30%. Most people don't want less income in retirement. No, they want more and more.

11:05 Here's three questions I want you to ask yourself, folks, out there. And number one, when your paycheck from work stops, what's the plan for the paycheck that's supposed to take its place? Big one. Okay? That's good. Number two, do you have even $1 in your plan that is guaranteed to show up every month as long as you live? Think about it. Be honest with yourself. Husband and wife now, looking at each other. Somebody's getting mad at somebody right now. And number three, if you live longer than you expect, and most people do, what happens to your income in the later years? Three powerful questions that you need to ask yourself, and you need to ask your broker if they have you in a brokerage-type plan with no income, no true retirement plan. Mike, I mean, how important is that? It's imperative, right? Nobody wants to outlive their money.

11:51 Nobody wants to end the rest of their life having to be a dependent. See, we're dependents when we're infants in life. You know, really, a child is homeless just by the good grace of their mom or dad who allows them to save their house. You don't want to end your life in the guest bedroom of your kids. You don't want to end your life, you know, sharing a room with a stranger in a nursing home facility. That's why having guaranteed income is so important. All right. Wow. Thomas, do you have a trivia question for the week? I absolutely do. Here. Just a minute. All right. So we're going to be texting true or false to the number 600-700.

12:38 So tell me, what do you think? Is this true or false? An income rider can be designed to provide income for as long as you live. An income rider can be designed to provide income for as long as you live. True or false to the number 600-700. Again, that's the keyword true or keyword false to 600-700. Hey, Mike, remember having a substitute teacher and they give you an easy quiz? I do. I do. So here's what you're going to win. Again, the first 15 people to answer correctly are going to get my brand new book called Red, Yellow, Green Light. A hundred more real life money decisions. Good call? Cost of a mistake? Or does it depend? It's basically a game show in book form. A hundred different scenarios. And you decide red, green, or yellow light. And then turn the page and see if you're right or not. You can play this at home. It's a great game to learn financial.

13:24 Again, red, yellow, green light. Very important book. We will send it to you. We've already bought them. Going to send it to you at our expense. Call right now. All right, that number is 800-661-7383. 800-661-7383. Or text keyword plan to 600-700. That's plan to 600-700. Well, for Jose, Thomas, Jackie sitting there watching us this week. She didn't really get to talk much. And we have Mike Milligan joined us here from Puerto Rico. Mike, thanks for your time today. Absolutely. It was good seeing you, Pete. Yeah, and folks, we'll see you next week. And you too, Thomas. Thomas too. Absolutely. Folks, we'll see you next week right here on the Financial Safari.

Coach Pete D’Arruda and Mike Milligan discuss qualified longevity annuity contracts, retirement-account withdrawal requirements, and the differences among annuity products. They consider why evaluating a financial product requires more than a blanket endorsement or rejection, and why income, access to money, growth, and personal goals need to work together. Part four of their Financial Safari conversation.Call 800-661-7383 or text PLAN to 600-700.TranscriptAutomatically transcribed from this episode; timestamps are approximate.00:00 Welcome back into the Financial Safari. Loving the conversation today. I&#x27;m Thomas Lipscomb in studio with bestselling author Coach Pete D’Arruda, also joining us today, host of the One of a Kind Financial Show. He&#x27;s an author. Mike Milligan, catch up on the show by heading over to FinancialSafari.com. Hey, Mike, do you do any QLACs? Yeah, I&#x27;ve been doing QLACs for like the last 11 years. Oh, okay, yeah. A lot of people don&#x27;t understand them, so we don&#x27;t talk about them too many times on the show. QLAC stands for Qualified Longevity Annuity Contract. Yep. You know, you&#x27;ve lived in a world for so long where you&#x27;ve deferred, deferred, deferred, and then all of a sudden you hit an age, and the IRS and the government says it&#x27;s time to take a required minimum deposit. And you notice I say deposit there, right? Yep. Not distribution. Correct.00:45 Because it&#x27;s a required minimum deposit back to their company, right, to the IRS first, right, in taxes, and then you get what&#x27;s left over. The required minimum deposit that goes to the IRS in the form of taxes is because they&#x27;re your business owner. So what a QLAC allows you to do is take a little bit of your IRAs, a little bit of your 401k money, and defer it out a little bit longer so those RMDs don&#x27;t begin, you know, to as late as 85. Yeah. And most find it. You know, the interesting thing about QLACs, Pete, is most firms don&#x27;t even know they exist. They, they, and then, and then when they hear the word that it&#x27;s QLAC and they hear annuity, they&#x27;re like, oh, that&#x27;s bad. It&#x27;s got to be bad. It&#x27;s not bad, folks.01:31 Right? It&#x27;s, it&#x27;s longevity insurance. Right? It&#x27;s a promise. Yeah. But Pete, did you find the name of the book? Yeah, Quiet Place. Quiet Place. And it&#x27;s, it&#x27;s a book about the QLAC, but it&#x27;s also about how to, how to make sure you have the lifetime income. Now, here, here&#x27;s one of the misconceptions about QLACs. It&#x27;s a funny name. It sounds like Aflac a little bit. Yes, it does. That&#x27;s what I thought. A duck. But a lot of people thought, Mike, and this is a misconception, and I think it&#x27;s been fertilized by some people who, who don&#x27;t want you to put money in a QLAC, fertilized, in other words, growing the rumor, the bad rumor, is that you could not touch the money once you put it in until age 85. But the, that&#x27;s the exact opposite. You have to start taking the money by age 85. You could put it in today at age 65 and take it, start taking it out at age 66.02:18 Correct? Yeah. It is. Yeah. You know, the technical, I mean, what a QLAC really technically is, is a deferred income annuity. That&#x27;s really all it is. Zadia. Right? It just has contract language from the IRS code that allows you to avoid RMD on that for a long period of time. It&#x27;s a good way to pay less RMDs if you&#x27;re not needing the money. Then put it in a long-term contract where the government can&#x27;t touch it. Makes sense. And guess what you could do if you, and guess what you could do if you don&#x27;t need the RMDs? You could use it for something like maybe a Roth conversion. A lot of people do that. Or, you know, you could lower, yeah, I mean, you could lower your tax bracket. The other thing that most people don&#x27;t realize, too, about, like, later in life is your medical expenses are going to be a whole lot higher. They&#x27;re just going to be higher when you&#x27;re that age. And that&#x27;s going to be for most people, not for everybody, but they&#x27;re going to be higher.03:04 The good news is if your medical expenses are over 7.5% of your total income, guess what? You get to itemize that. Right? So there&#x27;s a potential for even that QLAC income when it starts at 85 to be tax-free if you&#x27;re using it for medical. QLAC, to me, is also, like, it&#x27;s just another way to, like, protect long-term care without necessarily having to pay the premiums of long-term care insurance. It&#x27;s a great strategy to use. You can self-protect yourself or self-fund yourself if you put enough money away. Self-fund. That&#x27;s exactly right. That&#x27;s a good way. And you&#x27;re not paying tax every year on it while you&#x27;re deferring, which is a very big part. That&#x27;s right. Compared to anywhere else people have money, you&#x27;re going to get taxed every year on that. So this way you&#x27;re not. Exactly. I want to jump in and ask, what happens to a spouse or beneficiary when the person who owns the QLAC passes?03:54 It goes to the beneficiary. It&#x27;s still an IRA, right? So it hasn&#x27;t mysteriously gone to some new world of taxation, right? Okay. The government still wants their required minimum deposit on it. They still want their taxes. They want their share, right? But it goes to the beneficiary. The most important form in that QLAC when you sign up is something called the beneficiary designation form. So basically you assign ahead of time what&#x27;s going to happen if you&#x27;re not here anymore. Okay. And that&#x27;s where people say, what happens if I die early? Does all that money disappear? No. It goes on to whoever. Money never disappears. It goes on to whoever you assign. Okay. Now, if you don&#x27;t assign anybody, it will go to your will or your estate. And that creates a couple situations you don&#x27;t need to create if you make sure you have those beneficiary designations. And if you have financial products now, which most people listening do, do you have your bank account set up POD?04:45 That means payable on death. Do you have your brokerage account set up TOD, transfer on death? These bypass probate if you set them up right. And your beneficiary designations, I&#x27;ve seen people in the past, Thomas and Mike, where they met with me. And when we had this beneficiary form designation conversation, we&#x27;d bring out some of their old forms and they were ex-spouses still on there. That creates a nightmare if you didn&#x27;t correct that, right? So we luckily were able to correct that. So if you&#x27;d like a true beneficiary review, give us a call right now. We&#x27;ll do it at no cost or obligation. We&#x27;ve seen others charge a lot of money for this, Thomas, because this could cost you a whole lot of money if you don&#x27;t do it right. Let&#x27;s make sure to get it done at no cost and make sure it doesn&#x27;t cost you in the future. The lines are open. Take advantage of this opportunity. 800-661-7383. 800-661-7383.05:32 Or text keyword plan to 600-700. That&#x27;s keyword plan to 600-700. All right, Mike, annuity. We&#x27;ve been talking about annuities a little bit because I think they&#x27;re good to talk about. There&#x27;s nothing to be ashamed of of annuity. There are some bad ones. There are some good ones. But when someone says, I don&#x27;t want to look at any annuities because of the fees, what would you tell them? Well, good. Let&#x27;s dissect them. Right? Some don&#x27;t have them. That&#x27;s right, because some don&#x27;t have them. Like, it&#x27;s so good. If you think annuities are good minus the fees, guess what? We can find one like that. It&#x27;s just like anything in life, Pete, right? If you, you know, take a pie, for instance, right? There&#x27;s some pies that I hate. There&#x27;s some pies in it. But like, would you, if like, I don&#x27;t want, like, I don&#x27;t want a cherry pie.06:21 And you may say I love cherry pies, but I don&#x27;t want a cherry pie. I like the song. But if I don&#x27;t like cherry pies, are all pies bad? No. Are all pies bad because cherry pies bad? No, not at all, right? I mean, there&#x27;s different types. There&#x27;s fruit pies. There&#x27;s sweet potato pies. There&#x27;s savory pies. Guys, annuities, if you&#x27;re fee adverse, there&#x27;s annuity solutions for you. Annuities also come with a lot of benefits. A lot of people don&#x27;t know, right? There&#x27;s tax deferral if you&#x27;re in a tax bracket. You don&#x27;t get like a double tax deferral if you&#x27;re in an IRA and the annuity. There&#x27;s also every annuity comes with guaranteed lifetime income in the contracts, right? Already, every annuity, I don&#x27;t care which one you have, it&#x27;s in there. And then it comes with, and then, you know, state regulators say, you know, always supposed to talk about this,07:10 but there is state insurance guarantee funds on annuities. Every state&#x27;s have them, right? For up to a certain amount. The people that say annuities are bad, grouping them all together, are people with an agenda, right? If somebody tells you, though, that the only thing they do is an annuities, guess what? They also have an agenda. You need to work with a firm, work with a group that has a total picture, right? Everything from CDs to Bitcoin, boy, those things have attributes for investments. They don&#x27;t mean they have attributes for you, right? But we have to come up with a plan that includes everything. We have to analyze everything. That&#x27;s good. And then get you that life that you really want to live. And again, you can begin that process by calling 800-661-7383, 800-661-7383.08:00 You can also connect by texting that keyword plan to 600-700. That is keyword plan to 600-700. You know, it&#x27;s funny. The people that have asked me about fees and annuities over the years seem to be the people that have been getting feed to death with financial termites on the risk side. So they assume that the safe side is going to be as bad as the risk side. And there are some bad safe options too, Thomas. And that&#x27;s why you need to deal with a fiduciary who sits down and analyzes. I would never put anyone in something I wouldn&#x27;t put myself in. Exactly. Like the Mikey, the financial world. It&#x27;s true. Hey, what would you tell somebody when you&#x27;re having an annuity conversation with them about this lifetime income, Mike? And they say, I can do better in the market. Well, I mean, you know, the market has performed well historically over time. And so I&#x27;d agree with you, right, that there&#x27;s the potential that you could do better in the market. Well, probability.08:46 There&#x27;s also the potential that the market can do what it did in 2007, 2008. There&#x27;s the potential that the market could do what it did after Y2K. There&#x27;s the potential that 1987 rears this ugly head again. And do you want to really put your plan based off potential now? On the other hand, our plan, we can set some money over for guaranteed income that you need and that you want for life. And we can still take that potential to help you keep pace with inflation, to give you growth that you want, to leave that legacy, that big legacy you want for your family. So why don&#x27;t we take some potential for downside off the table? You know, people are mostly optimistic. They only think about the good that can happen.09:31 They don&#x27;t think about the bad. And so that&#x27;s the one thing that we&#x27;re here to remind people that potential also has the potential for loss. It has the potential to go against you. And that&#x27;s how I talk to people about it. You&#x27;re cleaning out your grandparents&#x27; house. You find this little vase. You start rubbing it because you&#x27;re trying to clean it a little bit, and a genie pops out. You say, I got you one wish, but in this one wish, I can give you four things. I can give you an ability to share in the gains of the market. I can let you share. After you share in the gains, lock those gains in so you never lose them. You&#x27;ll never lose due to the market. And whenever you decide you can get a lifetime income, you can never outlive. That&#x27;d be a pretty good genie, wouldn&#x27;t it? What would you say to that genie? Would you give that genie some money to put that in action for you?10:20 Absolutely, I would, because at the end of the day, that genie is giving you upside potential, right? But he&#x27;s also giving you what you need for your life. And, you know, sometimes when we think about that whole genie analogy, you want something that&#x27;s beyond our reach. If you&#x27;re in the market, there is for certain a market downturn coming in the future. There is for certain. And if you want to reduce your income, take less income, if you&#x27;re using a market-based approach on your income, you also have to be disciplined enough that when that 20% or 30% downturn comes, to reduce your income by 20%, 30%. Most people don&#x27;t want less income in retirement. No, they want more and more.11:05 Here&#x27;s three questions I want you to ask yourself, folks, out there. And number one, when your paycheck from work stops, what&#x27;s the plan for the paycheck that&#x27;s supposed to take its place? Big one. Okay? That&#x27;s good. Number two, do you have even $1 in your plan that is guaranteed to show up every month as long as you live? Think about it. Be honest with yourself. Husband and wife now, looking at each other. Somebody&#x27;s getting mad at somebody right now. And number three, if you live longer than you expect, and most people do, what happens to your income in the later years? Three powerful questions that you need to ask yourself, and you need to ask your broker if they have you in a brokerage-type plan with no income, no true retirement plan. Mike, I mean, how important is that? It&#x27;s imperative, right? Nobody wants to outlive their money.11:51 Nobody wants to end the rest of their life having to be a dependent. See, we&#x27;re dependents when we&#x27;re infants in life. You know, really, a child is homeless just by the good grace of their mom or dad who allows them to save their house. You don&#x27;t want to end your life in the guest bedroom of your kids. You don&#x27;t want to end your life, you know, sharing a room with a stranger in a nursing home facility. That&#x27;s why having guaranteed income is so important. All right. Wow. Thomas, do you have a trivia question for the week? I absolutely do. Here. Just a minute. All right. So we&#x27;re going to be texting true or false to the number 600-700.12:38 So tell me, what do you think? Is this true or false? An income rider can be designed to provide income for as long as you live. An income rider can be designed to provide income for as long as you live. True or false to the number 600-700. Again, that&#x27;s the keyword true or keyword false to 600-700. Hey, Mike, remember having a substitute teacher and they give you an easy quiz? I do. I do. So here&#x27;s what you&#x27;re going to win. Again, the first 15 people to answer correctly are going to get my brand new book called Red, Yellow, Green Light. A hundred more real life money decisions. Good call? Cost of a mistake? Or does it depend? It&#x27;s basically a game show in book form. A hundred different scenarios. And you decide red, green, or yellow light. And then turn the page and see if you&#x27;re right or not. You can play this at home. It&#x27;s a great game to learn financial.13:24 Again, red, yellow, green light. Very important book. We will send it to you. We&#x27;ve already bought them. Going to send it to you at our expense. Call right now. All right, that number is 800-661-7383. 800-661-7383. Or text keyword plan to 600-700. That&#x27;s plan to 600-700. Well, for Jose, Thomas, Jackie sitting there watching us this week. She didn&#x27;t really get to talk much. And we have Mike Milligan joined us here from Puerto Rico. Mike, thanks for your time today. Absolutely. It was good seeing you, Pete. Yeah, and folks, we&#x27;ll see you next week. And you too, Thomas. Thomas too. Absolutely. Folks, we&#x27;ll see you next week right here on the Financial Safari.

Coach Pete D’Arruda and Mike Milligan discuss qualified longevity annuity contracts, retirement-account withdrawal requirements, and the differences among annuity products. They consider why evaluating a financial product requires more than a blanket endorsement or rejection, and why income, access to money, growth, and personal goals need to work together. Part four of their Financial Safari conversation.

Call 800-661-7383 or text PLAN to 600-700.

Mike Milligan: QLACs, Annuity Choices, and the Total Retirement Picture (Part 4)

A Retirement Plan That Fits Your Life

Film, television, and storytelling

Mike Milligan continues his conversation with Coach Pete D’Arruda about matching a retirement strategy to the person who will live with it. They discuss risk, the tendency to rely on familiar products, and lessons from past planning conversations. Hear why the group favors reviewing the full picture rather than treating every retirement decision as a separate transaction. Part three of their Financial Safari conversation.

Call 800-661-7383 or text PLAN to 600-700.

Transcript

Automatically transcribed from this episode; timestamps are approximate.

00:00 And welcome back into the Financial Safari, having a great conversation today. I'm Thomas Lipscomb in studio with America's Wealth, Financial, and Income Coach, Coach Pete D’Arruda. Also joining us from Puerto Rico, Mike Milligan of One Oak Financial. Thomas, let's give a couple of websites out. Yes. I'm going to give one, and I want you to give it. We have so many. I love it. We really need one site where people go and have all our sites on there. We're going to do that. Master site, yes. We're going to do the master site coming up. Let's do it. Coach Pete's master site. Let's do it. But right now, we don't have it. Until then. But we're going to. So you see, you're getting a look inside my mind right now, folks. I've got over 700 domains, Thomas. I'm sure we can find one. I'm sure. So the one I want to give out is a very good one. It's about my new book, Modern Planning. But the site is planonceplanforlife.com. Planonceplanforlife.com.

00:47 Go there. You can download the e-book right now. We're working on an audio book coming up. But right now, you can download the e-book by going to planonceplanforlife.com. It's about 250 pages. And it really puts things in perspective about lifetime income. We're talking about today. The financial termites. How much 2% or 3% fees can cost you as far as what you could have had in your retirement and what you don't have in retirement. And making sure that you have income you can't outlive. Principle that cannot lose due to the market. That's important, too, by the way. Yes, it is. A floor under the spouse. In other words, making sure your spouse always gets income even if you're not here anymore. Ah, yes. And so that's what I call a floor under the spouse. Not knocking your spouse on the floor. And making sure your money isn't doing nothing. It is doing something. It needs to be doing something at all times.

01:33 Going up, not down. So planonceplanforlife.com. Now, what do you want to say? I love it. So the one I am going to focus on is a great do-it-yourself tool at asapplan.com. That's asapplan.com. As you folks know, if you're a regular listener to the show, Coach Pete has a 22-step total retirement plan process. And what we want to do is to try to enable you to take those steps yourself. Kind of figure out what are you missing? What do you have in hand? What questions do you need to be asking? We are developing a new electronic device. It's a calculator on steroids. But take your time. Go over there. I personally would love to hear your feedback. I'm helping develop this. And we want to make sure it's a tool that's beneficial to you. And again, that's at asapplan.com. Again, asapplan.com.

02:18 And we also are keeping track of when you go there because we're going to give an award of a $100 gift card to Ruth Chris for people that go there and give us any feedback. So we're going to draw the name out here in a couple weeks on the show. There you go. Help me out and I'll help you out. asapplan.com. You can't win unless you go and visit and let us know you visited, right? So that's kind of... That's it. That's what Mike thinks. What else? We've got financialsafari.com too if you want to ask a question on the show. Always. Yeah. If you want to ask a question or just catch up on podcasts, check out the television show. And that leads into the Financial Fill-Up Challenge. If you go to financialfillup.com, we would love to have contestants or audience members for our financial game show. You can also subscribe to the channel. Check out our past episodes. It's a really, really fun game show. A great way to look at retirement. Find out how much you actually know about the process.

03:04 We film episodes every three weeks, folks. So call, get on the list. Either be a contestant or if you want to be in the live studio audience. A lot of good giveaways there during the show too. Oh, it's fun. Yeah, we get gift cards we give away for winners too when they win. Yes, we do. And hey, it's a great way to learn the financial world rather than sitting in class trying to learn it. There you go. Hey, Mike, if you ever ask this question to somebody, you say, when the market had its worst week in years, did you have a single dollar sitting somewhere that you couldn't lose a dime? Oh, that's a great question. I mean, it's a fantastic question and one that a listener should listen to, right? Is, you know, I've never asked anybody that question, but one of the questions I ask is, what's the amount of money that you're willing to lose? Yeah. Because it's a similar question that you're just asking there.

03:53 Because at the end of the day, right, when you go to retirement, you don't want to have to continually watch CNBC or Bloomberg every day. You want to spend time with grandkids. You want to go make an impact in the community. You want to travel. And, you know, like having that stress and fear of watching the news every day becomes depressing, right? Because it's almost like riding a roller coaster. And as you get older, roller coasters are not as fun because of like just your age. And so that whole idea of losing money in retirement is not something that at least the people I talk to in our practice won't want to partake of. Unfortunately, a lot of people that we talk to, I wrote another book called Retirement Deja Vu. It's that feeling that you get when you hear the same story over and over again.

04:41 You know, deja vu. We all get that eerie feeling. And retirement deja vu is what I actually experience when I sit down with a new client because I hear the same story. If I talk to somebody from Edward Jones, like a client of Edward Jones, it's the same story. If I talk to a client from Merrill Lynch, it's the same story. If I talk to, you know, if I talk to people at different firms, I know what that firm's doing. They're just, they're selling the same investment plan in their 9, 11, and 1 o'clock meetings every day. And we actually want people to break away from retirement deja vu. And, you know, ours is the one-of-a-kind financial plan. Yours is the fill-up. And we want to make sure that everybody is getting what they need out of life. Because this life is about you folks. It's not about us. It's not about our life.

05:27 It's this life's about yours. Yours is the only one you can live. And you want to make sure your money lasts as long as you do. You know, we get to share our knowledge with folks. I mean, we've seen, I think I could say this, 34 years. I've seen about every kind of situation you could ever imagine. And I would rather, like my dad used to tell me, that a smart person learns from their mistakes. Like if you're trying to hammer a nail in and you hit your thumb, you won't do that again, will you? Let somebody else hammer. But the genius learns from other people's mistakes. So I've seen all the mistakes out there. And when people come in, I already know what kind of mistakes they're making. I can tell them right away. And Mike, a lot of times it goes back to, like you're saying, which company they're utilizing, which investment advisor or investment company. Because certain companies we can already identify. We know they're going to have a mutual fund strategy as well as a variable annuity in there when we meet with them.

06:13 We already know when they say what company their money is with. So I think it's just important to make sure you understand that there are solutions out there that don't involve taking risk. And not all the money should be there, but some of the money needs to be there because we never know what's going to happen the next year. And it brings back memories. 2006, I used to do a live show on WFNC. That's in Fayetteville, North Carolina, right off of Bragg Boulevard. It was a Krispy Kreme donut that I used to always go there. I would get because it was a live show. So I'd get to the Krispy Kreme about five in the morning on Saturday because the show was at seven. Because, Thomas, you never want to be late to your own show. Sure. And so anyway, I met a whole lot of friendly people in Fayetteville. And then I was at a kitchen table with a couple that had called from the show. This was 2006. 2006. And I was sitting at the kitchen table.

06:59 And the husband and wife were on the other side of the kitchen table. And I had the wife's attention. But I kept noticing that the husband, even though he acted like he was looking at me, he was looking over my shoulder. And so the paranoid person in me, because I've seen, I think, psycho movies were out there. I was wondering who was standing behind me because I thought I was getting ready to get tomahawked or something. But I turned around. I casually dropped my pen. And I looked around. There was a TV behind me. And guess what channel it was on? Tell me. CNBC. The price is right. Yeah, CNBC. And he was watching. And his wife said, when his wife finally noticed what I was doing, she said, let's just call him Harry. Harry always has that stupid channel on. And we can never have any fun because we always have to be watching our retirement. Ooh. And long story short, they got two financial fill-up strategies.

07:45 And they've been happy ever after. And so that's what you have to have. And we took the warrior out of living retirement. We left some money in the stock market so we could still play around. But he wasn't glued to the TV anymore because he knew his retirement was safe. His income was safe. And he always had that monthly check coming, regardless of what happens in the market. And there's another thing. When we talk about income riders and we talk about monthly checks, usually they're associated with annuities, Mike. And so somebody's listening now. They say, oh, God, annuities are bad. My broker told me annuities are bad. I heard they are ripoff. What would you say if somebody said that? You know, in the last segment, we talked about how annuities work for business models. All these financial companies, right? Goldman Sachs, all the big firms, right? Yep. Fees every month is an annuity. It's an income stream for them folks. It works for the big banks.

08:30 It works for the big investment companies. And yet they tell you it doesn't work for you. To me, that sounds like they're being hypocritical. But what annuities are they usually selling with those fees, though? They're not usually the friendly annuities that we like, are they? But it's the variable annuity side. Those can have up to 4% or 5% fees a year. Yeah. And those are the ones that hurt performance. Because they're saying, let's use a variable annuity because we can still participate in the market. What they're saying is we can still participate in the upside and the downside of the market with a high cost. There's a lot of strategies out there, like fixed index annuities, where you can participate in the market, but none of the downside. Right? There's strategies. Like even MYGA's right now, multi-year guaranteed annuities. 5.5%, 6% income payments off of those for a fixed period of time.

09:17 But the income riders, when you put that on an annuity stream, even when your dollars may run out, right? Even if you outlive your money, you can never outlive the income that comes from those. That's the insurance company making a promise to you, making a guarantee statement. And listen, you shouldn't guarantee, you know, annuities are bad, right? Because the insurance company promised me they must be making money. Well, yeah, man, the insurance company's making money. There's nobody in the insurance business that is nonprofit out there. Right. There's no banking that's nonprofit. Well, there's no business anywhere that's nonprofit, even though they call themselves not some of these nonprofit places. They're making a lot. If you look at the owners, they're making a lot of profit. Correct. But listen, don't worry about their business model.

10:05 And that's when, unfortunately, when people say, I don't like annuities, what you're really saying is, I don't understand the business model. How can they do that? It sounds too good to be true. That's when you work with somebody who's done this. Pete, you've been in the business for how long? 34 years. In those 34 years, you have worked with thousands upon thousands of retirees, correct? Yes. Correct. So a lot of times when people go into retirement, they're going there for the first time. Yeah. Don't you want to work with somebody who's been to retirement, who's lived in retirement? Who's worked in retirement? For people, thousands and thousands of times. That's why working with a certified financial planner, a fiduciary, working with a group like Pete and the team there, they live retirement.

10:58 They work retirement. And they understand strategies and techniques that's going to make you feel more comfortable and safe in retirement. Don't work with somebody who lives in the market. Work with somebody who lives in retirement. I'm a retirement income certified professional, RICP. That's from the American College, same place where the CFP is. And I'm trained on income because that's what I've done for my clients. And honest answer, some annuities are lousy. They have high fees, long surrender periods, and they're sold to the wrong person. I would never defend one of those. But there are plain vanilla income tools that do one honest thing, a paycheck for life. The word annuity covers both. The way a car covers a lemon and a Toyota. See? So the word annuity gets people in trouble because they haven't defined what kind of annuity it is.

11:44 And my job as your personal CFO is to shop, to guarantee, read you the fees out loud, if there are any, and check the insurer's rating. And if it doesn't fit you, I tell you it won't fit you. So, you know, we basically are like the tailor. We'll come and custom fit the retirement plan just like the tailor custom fits the outfit to you. So if you'd like your very own tailor fit, total retirement plan and income, taking that worry out of planning and living in retirement, call now. We'd be very happy to sit down with you next week. And the lines are open. The number to call is 800-661-7383. 800-661-7383. You can also reach out to the team by texting the keyword plan to 600-700. Plan to 600-700. Procedure on called 300-600.

Mike Milligan continues his conversation with Coach Pete D’Arruda about matching a retirement strategy to the person who will live with it. They discuss risk, the tendency to rely on familiar products, and lessons from past planning conversations. Hear why the group favors reviewing the full picture rather than treating every retirement decision as a separate transaction. Part three of their Financial Safari conversation.Call 800-661-7383 or text PLAN to 600-700.TranscriptAutomatically transcribed from this episode; timestamps are approximate.00:00 And welcome back into the Financial Safari, having a great conversation today. I&#x27;m Thomas Lipscomb in studio with America&#x27;s Wealth, Financial, and Income Coach, Coach Pete D’Arruda. Also joining us from Puerto Rico, Mike Milligan of One Oak Financial. Thomas, let&#x27;s give a couple of websites out. Yes. I&#x27;m going to give one, and I want you to give it. We have so many. I love it. We really need one site where people go and have all our sites on there. We&#x27;re going to do that. Master site, yes. We&#x27;re going to do the master site coming up. Let&#x27;s do it. Coach Pete&#x27;s master site. Let&#x27;s do it. But right now, we don&#x27;t have it. Until then. But we&#x27;re going to. So you see, you&#x27;re getting a look inside my mind right now, folks. I&#x27;ve got over 700 domains, Thomas. I&#x27;m sure we can find one. I&#x27;m sure. So the one I want to give out is a very good one. It&#x27;s about my new book, Modern Planning. But the site is planonceplanforlife.com. Planonceplanforlife.com.00:47 Go there. You can download the e-book right now. We&#x27;re working on an audio book coming up. But right now, you can download the e-book by going to planonceplanforlife.com. It&#x27;s about 250 pages. And it really puts things in perspective about lifetime income. We&#x27;re talking about today. The financial termites. How much 2% or 3% fees can cost you as far as what you could have had in your retirement and what you don&#x27;t have in retirement. And making sure that you have income you can&#x27;t outlive. Principle that cannot lose due to the market. That&#x27;s important, too, by the way. Yes, it is. A floor under the spouse. In other words, making sure your spouse always gets income even if you&#x27;re not here anymore. Ah, yes. And so that&#x27;s what I call a floor under the spouse. Not knocking your spouse on the floor. And making sure your money isn&#x27;t doing nothing. It is doing something. It needs to be doing something at all times.01:33 Going up, not down. So planonceplanforlife.com. Now, what do you want to say? I love it. So the one I am going to focus on is a great do-it-yourself tool at asapplan.com. That&#x27;s asapplan.com. As you folks know, if you&#x27;re a regular listener to the show, Coach Pete has a 22-step total retirement plan process. And what we want to do is to try to enable you to take those steps yourself. Kind of figure out what are you missing? What do you have in hand? What questions do you need to be asking? We are developing a new electronic device. It&#x27;s a calculator on steroids. But take your time. Go over there. I personally would love to hear your feedback. I&#x27;m helping develop this. And we want to make sure it&#x27;s a tool that&#x27;s beneficial to you. And again, that&#x27;s at asapplan.com. Again, asapplan.com.02:18 And we also are keeping track of when you go there because we&#x27;re going to give an award of a $100 gift card to Ruth Chris for people that go there and give us any feedback. So we&#x27;re going to draw the name out here in a couple weeks on the show. There you go. Help me out and I&#x27;ll help you out. asapplan.com. You can&#x27;t win unless you go and visit and let us know you visited, right? So that&#x27;s kind of... That&#x27;s it. That&#x27;s what Mike thinks. What else? We&#x27;ve got financialsafari.com too if you want to ask a question on the show. Always. Yeah. If you want to ask a question or just catch up on podcasts, check out the television show. And that leads into the Financial Fill-Up Challenge. If you go to financialfillup.com, we would love to have contestants or audience members for our financial game show. You can also subscribe to the channel. Check out our past episodes. It&#x27;s a really, really fun game show. A great way to look at retirement. Find out how much you actually know about the process.03:04 We film episodes every three weeks, folks. So call, get on the list. Either be a contestant or if you want to be in the live studio audience. A lot of good giveaways there during the show too. Oh, it&#x27;s fun. Yeah, we get gift cards we give away for winners too when they win. Yes, we do. And hey, it&#x27;s a great way to learn the financial world rather than sitting in class trying to learn it. There you go. Hey, Mike, if you ever ask this question to somebody, you say, when the market had its worst week in years, did you have a single dollar sitting somewhere that you couldn&#x27;t lose a dime? Oh, that&#x27;s a great question. I mean, it&#x27;s a fantastic question and one that a listener should listen to, right? Is, you know, I&#x27;ve never asked anybody that question, but one of the questions I ask is, what&#x27;s the amount of money that you&#x27;re willing to lose? Yeah. Because it&#x27;s a similar question that you&#x27;re just asking there.03:53 Because at the end of the day, right, when you go to retirement, you don&#x27;t want to have to continually watch CNBC or Bloomberg every day. You want to spend time with grandkids. You want to go make an impact in the community. You want to travel. And, you know, like having that stress and fear of watching the news every day becomes depressing, right? Because it&#x27;s almost like riding a roller coaster. And as you get older, roller coasters are not as fun because of like just your age. And so that whole idea of losing money in retirement is not something that at least the people I talk to in our practice won&#x27;t want to partake of. Unfortunately, a lot of people that we talk to, I wrote another book called Retirement Deja Vu. It&#x27;s that feeling that you get when you hear the same story over and over again.04:41 You know, deja vu. We all get that eerie feeling. And retirement deja vu is what I actually experience when I sit down with a new client because I hear the same story. If I talk to somebody from Edward Jones, like a client of Edward Jones, it&#x27;s the same story. If I talk to a client from Merrill Lynch, it&#x27;s the same story. If I talk to, you know, if I talk to people at different firms, I know what that firm&#x27;s doing. They&#x27;re just, they&#x27;re selling the same investment plan in their 9, 11, and 1 o&#x27;clock meetings every day. And we actually want people to break away from retirement deja vu. And, you know, ours is the one-of-a-kind financial plan. Yours is the fill-up. And we want to make sure that everybody is getting what they need out of life. Because this life is about you folks. It&#x27;s not about us. It&#x27;s not about our life.05:27 It&#x27;s this life&#x27;s about yours. Yours is the only one you can live. And you want to make sure your money lasts as long as you do. You know, we get to share our knowledge with folks. I mean, we&#x27;ve seen, I think I could say this, 34 years. I&#x27;ve seen about every kind of situation you could ever imagine. And I would rather, like my dad used to tell me, that a smart person learns from their mistakes. Like if you&#x27;re trying to hammer a nail in and you hit your thumb, you won&#x27;t do that again, will you? Let somebody else hammer. But the genius learns from other people&#x27;s mistakes. So I&#x27;ve seen all the mistakes out there. And when people come in, I already know what kind of mistakes they&#x27;re making. I can tell them right away. And Mike, a lot of times it goes back to, like you&#x27;re saying, which company they&#x27;re utilizing, which investment advisor or investment company. Because certain companies we can already identify. We know they&#x27;re going to have a mutual fund strategy as well as a variable annuity in there when we meet with them.06:13 We already know when they say what company their money is with. So I think it&#x27;s just important to make sure you understand that there are solutions out there that don&#x27;t involve taking risk. And not all the money should be there, but some of the money needs to be there because we never know what&#x27;s going to happen the next year. And it brings back memories. 2006, I used to do a live show on WFNC. That&#x27;s in Fayetteville, North Carolina, right off of Bragg Boulevard. It was a Krispy Kreme donut that I used to always go there. I would get because it was a live show. So I&#x27;d get to the Krispy Kreme about five in the morning on Saturday because the show was at seven. Because, Thomas, you never want to be late to your own show. Sure. And so anyway, I met a whole lot of friendly people in Fayetteville. And then I was at a kitchen table with a couple that had called from the show. This was 2006. 2006. And I was sitting at the kitchen table.06:59 And the husband and wife were on the other side of the kitchen table. And I had the wife&#x27;s attention. But I kept noticing that the husband, even though he acted like he was looking at me, he was looking over my shoulder. And so the paranoid person in me, because I&#x27;ve seen, I think, psycho movies were out there. I was wondering who was standing behind me because I thought I was getting ready to get tomahawked or something. But I turned around. I casually dropped my pen. And I looked around. There was a TV behind me. And guess what channel it was on? Tell me. CNBC. The price is right. Yeah, CNBC. And he was watching. And his wife said, when his wife finally noticed what I was doing, she said, let&#x27;s just call him Harry. Harry always has that stupid channel on. And we can never have any fun because we always have to be watching our retirement. Ooh. And long story short, they got two financial fill-up strategies.07:45 And they&#x27;ve been happy ever after. And so that&#x27;s what you have to have. And we took the warrior out of living retirement. We left some money in the stock market so we could still play around. But he wasn&#x27;t glued to the TV anymore because he knew his retirement was safe. His income was safe. And he always had that monthly check coming, regardless of what happens in the market. And there&#x27;s another thing. When we talk about income riders and we talk about monthly checks, usually they&#x27;re associated with annuities, Mike. And so somebody&#x27;s listening now. They say, oh, God, annuities are bad. My broker told me annuities are bad. I heard they are ripoff. What would you say if somebody said that? You know, in the last segment, we talked about how annuities work for business models. All these financial companies, right? Goldman Sachs, all the big firms, right? Yep. Fees every month is an annuity. It&#x27;s an income stream for them folks. It works for the big banks.08:30 It works for the big investment companies. And yet they tell you it doesn&#x27;t work for you. To me, that sounds like they&#x27;re being hypocritical. But what annuities are they usually selling with those fees, though? They&#x27;re not usually the friendly annuities that we like, are they? But it&#x27;s the variable annuity side. Those can have up to 4% or 5% fees a year. Yeah. And those are the ones that hurt performance. Because they&#x27;re saying, let&#x27;s use a variable annuity because we can still participate in the market. What they&#x27;re saying is we can still participate in the upside and the downside of the market with a high cost. There&#x27;s a lot of strategies out there, like fixed index annuities, where you can participate in the market, but none of the downside. Right? There&#x27;s strategies. Like even MYGA&#x27;s right now, multi-year guaranteed annuities. 5.5%, 6% income payments off of those for a fixed period of time.09:17 But the income riders, when you put that on an annuity stream, even when your dollars may run out, right? Even if you outlive your money, you can never outlive the income that comes from those. That&#x27;s the insurance company making a promise to you, making a guarantee statement. And listen, you shouldn&#x27;t guarantee, you know, annuities are bad, right? Because the insurance company promised me they must be making money. Well, yeah, man, the insurance company&#x27;s making money. There&#x27;s nobody in the insurance business that is nonprofit out there. Right. There&#x27;s no banking that&#x27;s nonprofit. Well, there&#x27;s no business anywhere that&#x27;s nonprofit, even though they call themselves not some of these nonprofit places. They&#x27;re making a lot. If you look at the owners, they&#x27;re making a lot of profit. Correct. But listen, don&#x27;t worry about their business model.10:05 And that&#x27;s when, unfortunately, when people say, I don&#x27;t like annuities, what you&#x27;re really saying is, I don&#x27;t understand the business model. How can they do that? It sounds too good to be true. That&#x27;s when you work with somebody who&#x27;s done this. Pete, you&#x27;ve been in the business for how long? 34 years. In those 34 years, you have worked with thousands upon thousands of retirees, correct? Yes. Correct. So a lot of times when people go into retirement, they&#x27;re going there for the first time. Yeah. Don&#x27;t you want to work with somebody who&#x27;s been to retirement, who&#x27;s lived in retirement? Who&#x27;s worked in retirement? For people, thousands and thousands of times. That&#x27;s why working with a certified financial planner, a fiduciary, working with a group like Pete and the team there, they live retirement.10:58 They work retirement. And they understand strategies and techniques that&#x27;s going to make you feel more comfortable and safe in retirement. Don&#x27;t work with somebody who lives in the market. Work with somebody who lives in retirement. I&#x27;m a retirement income certified professional, RICP. That&#x27;s from the American College, same place where the CFP is. And I&#x27;m trained on income because that&#x27;s what I&#x27;ve done for my clients. And honest answer, some annuities are lousy. They have high fees, long surrender periods, and they&#x27;re sold to the wrong person. I would never defend one of those. But there are plain vanilla income tools that do one honest thing, a paycheck for life. The word annuity covers both. The way a car covers a lemon and a Toyota. See? So the word annuity gets people in trouble because they haven&#x27;t defined what kind of annuity it is.11:44 And my job as your personal CFO is to shop, to guarantee, read you the fees out loud, if there are any, and check the insurer&#x27;s rating. And if it doesn&#x27;t fit you, I tell you it won&#x27;t fit you. So, you know, we basically are like the tailor. We&#x27;ll come and custom fit the retirement plan just like the tailor custom fits the outfit to you. So if you&#x27;d like your very own tailor fit, total retirement plan and income, taking that worry out of planning and living in retirement, call now. We&#x27;d be very happy to sit down with you next week. And the lines are open. The number to call is 800-661-7383. 800-661-7383. You can also reach out to the team by texting the keyword plan to 600-700. Plan to 600-700. Procedure on called 300-600.

Mike Milligan continues his conversation with Coach Pete D’Arruda about matching a retirement strategy to the person who will live with it. They discuss risk, the tendency to rely on familiar products, and lessons from past planning conversations. Hear why the group favors reviewing the full picture rather than treating every retirement decision as a separate transaction. Part three of their Financial Safari conversation.

Call 800-661-7383 or text PLAN to 600-700.

Mike Milligan: A Retirement Plan That Fits Your Life (Part 3)

Retirement income

Coach Pete D’Arruda and Mike Milligan discuss dedicating part of a retirement plan to income and understanding how an income rider works. They examine why a saver’s priorities can change near retirement, the importance of asking how a strategy is structured, and the difference between product recommendations and a plan built around a client’s needs. Part two of their Financial Safari conversation.

Call 800-661-7383 or text PLAN to 600-700.

Transcript

Automatically transcribed from this episode; timestamps are approximate.

00:00 Welcome back into the Financial Safari. Loving the conversation today. I'm Thomas Lipscomb in studio with bestselling author Coach Pete D’Arruda, also joining us today, host of the One of a Kind Financial Show. He's an author. Mike Milligan, catch up on the show by heading over to FinancialSafari.com. Mike, I'm sure you've been talking to clients for years, and when you talk to them about a true retirement plan, true or false, I mean, we really haven't talked about this ahead of time, so I'm kind of leaving myself out there. But do you believe that if someone is approaching retirement, they need to have some of their money dedicated to lifetime income? Oh, yeah. Like, you know, the book that I'm most famous for is a book called The One of a Kind Financial Plan. Our company, One Oak Financial, stands for one of a kind. So the one of a kind financial plan, the book I wrote,

00:46 says that you have to answer the question, why is money important to you? Because if you don't answer that question, how can an advisor really do their job, right? So answer the question, why is money important? You have to put a vision for what your life's going to be like. You know, what your community is going to be, what your focus on health is, and what's your impact. But then we get to, like, the actual tactical side. Taxes being the biggest expense you ever have, that's what we start with. Number two, then we go to retirement income. Because at the end of the day, right, most investment people, most one-size-fits-all advisors out there, they actually want to talk investments because that's how they get paid, and then they abdicate responsibility. They say, go to this CPA, go to this attorney, go to this insurance guy.

01:32 Because what they want to do is they want to solely focus on investments. But if you don't focus on taxes being your biggest expense, and retirement income being guaranteed that keeps up with inflation, you're just going to be finding a new advisor in retirement, and nobody really wants that. Because at the end of the day, the biggest thing that keeps people up at night is the fear of running out of money. And if I've done my math right, Pete, you can tell me this, but guaranteed means that you would never run out of money. Is that still true? Yeah, and the guarantees, again, they are only as good as the institution backing them. So you need to make sure you only put your money away long-term with companies that are going to be here for a long, long time, if not forever, right? And so how do you really know that? Well, you have to trust the numbers they put out, their books.

02:20 We've analyzed that all the time. We don't let our clients get in any company that's below an A rating. And so because of B or C rated companies, of course, they're going to offer more. But I'm not willing to take that risk with my clients. So they've got to be at least A rated. And there's something called an income rider that some insurance companies offer on annuities. And annuities are great because there are streams of income you can't outlive. The Roman Empire days, annuities were there. The soldiers would give some, when we're going to battle, they'd find the local financial guy. They'd put money in an annuity, which basically said, I want to make sure my spouse gets income when I'm gone. And if I don't show up back, I want that spouse to get the income forever. And that's how long annuities have been. And so the income riders, we've heard some objections, though, usually ignited by the advisor who doesn't want to let go of the money they have in the market, right?

03:07 Because if they let go of the money they have in the market, they lose their planning fee, their quarterly fee, which they call a fee. I call it commission, money's coming out. But here's one, Mike. I don't want to lose control of my money, somebody would say about an income rider. What would you say about that? Well, I mean, like, you're not going to take all of your money at one time. So, you know, the biggest question is, is what's the biggest check you've ever written in your life? So, you know, a listener out there has $2 million, and I'm like, I don't want to put a million of that into an annuity because I lose access to that. Well, what's the biggest check you ever wrote in your life? It's probably the purchase of a car. Maybe it's a college loan payment, or maybe it was that last check you wrote to pay off your mortgage. But for most people, that biggest check they ever wrote written in their life

03:52 is $10,000, $20,000, $30,000, $40,000. Why do you need access? Well, going back to that advisor for a second, Pete, that says they want to keep control of the money, most advisors out there don't leave all the money in the market because their compliance arms make them spread risk around between stocks and bonds. Yep. Well, you know, those income riders, you know, not to talk product or anything, but there's 6% and 7% withdrawal rates that you can get on that guaranteed income. Well, right now, what's the best bond investor in the world getting? Three and a half? Yeah, maybe four. Yeah, I was going to say between four and a half. Yeah, and so, but that's not a guarantee. The bonds can't guarantee you a lifetime income, can they?

04:38 No, no. 2022, bonds went down just like the stock market did, right? Because interest rate risk is a real thing. It's a big one. And so, like, using an income rider from an insurance company is a promise. It's a promise that the money's going to show up every month. It's a promise that it will never end, and it's a promise that you don't have to worry that money's going to be in your account. It's a promise that you won't run out of money. And that's the benefit of an income rider. And that's a big one. And so, like, the strong institutions that offer them, and again, we only talk about the strong ones, and some of them don't fit. I mean, everybody's different. So, there's all different ones. I like to put two different streams of income together for my clients. One for their bills. Those are the bills that are going to come, the housing, the car, whatever else,

05:25 and a little bit extra for emergency bills, or we factor inflation in, too, so put more than you're paying now because we've seen how inflation can affect your net worth down the road. And we also put a stream of income together for you that's going to come every single month all the way through retirement for fun, fun money. Who doesn't want some fun money? You're allowed to spend it for fun. You know, the reason why people don't spend, Mike, is because they're worried in their go-go years, they're worried that they're not going to have enough money. But if you have a guarantee in place that a new check is going to come every 30 to 31 days, showing right up, we call it the green flag on the mailbox, there's no worries anymore. Matter of fact, that's why people pass away when they have too much risk. They're always worried about spending, and they usually don't spend what they should or could. Holy cow, preach it, buddy. Keep going. Keep going, man. That's good. I mean, it's just mind-splitting sometimes how people don't take the right step for themselves,

06:12 and the right step for you listening is to get your very own total retirement plan. But inside there, make sure if you have a retirement plan, make sure it has the retirement income you deserve and you need, and you've been told you need to have. So if you don't have income that's guaranteed, you're not. You're just guessing. Thomas, we got the e-book on lifetime income. Probability is shot down by certainty. You've got to have certainty first. Let's get that e-book in people's hands. All they have to do is call right now. And that number is 800-661-7383, 800-661-7383, or just text keyword PLAN to 600-661. 700, that is keyword PLAN to 600-700. So, Mike, why do you think, you know, well, I know, but why do you think that this one side of the financial world that is constantly lobbing grenades over to the fixed side, the side that guarantees income?

06:58 Well, listen, guys, it comes down to that word fiduciary. A fiduciary is going to do what's in the best interest of the client. Yep. But these firms that manage money for a fee have owners, stockholders, board of directors that are telling you, keep the stream of money coming over to our business over and over again. Pete, do you know what a stream of income is? Oh, yeah, I do. It's an annuity. Yes. It's an annuity. Right. So an annuity, you know, staying in the market, paying a fee every month or every quarter is a stream of income to the business. And so why is an annuity, the stream of income, good for the business, but they will tell you it's bad for you as the consumer?

07:43 It's, you know, it's people who act one way and say something another way. I think we call those hypocrites. And there's a lot of hypocrites in the financial market because how they run their business is how they tell the consumer to not run their household. And all the risk is put on the individual. People, if you have money invested in the market, you have control of that. If you're paying somebody a fee, you have control of that. You can end that. You can use their business model, guaranteed streams of income in your life to reduce fear, stress, and anxiety in your life. And that's probably worth a call in to the show today to see if the model that works for these companies that are earning record dollars.

08:32 Guys, go look at the earnings of Goldman Sachs, JPMorgan Chase, Bank of America, Wells Fargo over the last quarter. Record numbers, record revenue because they have annuities baked in their business, right? Take back control, right, of your future. Get guaranteed income because it's better in the long run. If it wasn't good as a business model, Wall Street wouldn't be doing it. You need to be doing it on Main Street, in Raleigh, in Apex, Chapel Hill, all across the country. You need to take control and call in to make sure you have that guaranteed income. Well, nobody starts a long drive with a quarter tank of gas. Everyone in retirement needs that financial fill-up strategy. Folks, if you want to find out how it could be customized for you based on your numbers, we're not saying take all your money from risk.

09:22 We're saying take enough money to make sure you never have risk with your retirement income in the future. Thomas, let's do this for the next 15 people. Not only are we going to give a total retirement plan, we're going to give them that book, the 22-step total retirement plan. Oh, fantastic. It's a $99 value when you come in. And we're also going to give you a golden ticket where you can share it with a friend or family if they want to get that plan as well. And I'm going to give you three of the books I've written. When you come in, you'll get to choose which ones you want. Thomas, tell folks that I can do that right now. Yeah, super easy. Just call the number 800-661-7383. 800-661-7383. Coach and his team will help you understand what an income rider could provide for you and how it fits into your retirement plan. You can also text us by texting keyword plan to 600-700. That is keyword plan to 600-700. So take that quarter tank and fill it up every single month with that financial fill-up strategy.

10:11 You never – hey, Mike, you've had that feeling. You've gambled before when you're riding down the road. And you say, well, gas is more – it's cheaper down the road. I'm going to keep going. But you see that little red. It's bouncing to the bottom of the red, the gauge. We can't have income like that. No, you can't do that in income, guys. Listen, I don't drive in Puerto Rico. I walk everywhere I go or I get in an Uber. But every time when I go back to Norfolk, you know, that's when I drive. And I have my SUV there that's parked in my garage in Norfolk, Virginia. The last two times I've been back to Norfolk, I'm not going to tell you that I ran out of gas both times. But I barely got to the gas station. Oh, no. You've been pushing your luck a little bit. Yeah, yeah. Because when you don't have somebody or you're out of practice when it comes to driving, you don't always notice what's there.

11:01 This is where that call in and meeting with Pete and the team will actually get you, you know, it'll get you somebody looking under the hood of what your investments are, looking at what the performance is, telling you what your real fees are, and telling you if you really got an income plan or you just got an investment account. Well, green money never sleeps, and it pays whether the market is open or not, whether the market is up or down. And, folks, that financial fill-up strategy. Remember when you used to pull – I remember being in the back seat, Mom would pull into the gas station. Mike, you probably remember this, too. Three or four guys would run out. They'd pop the trunk. They'd check the oil. They'd fill the windshield wiper stuff up. They would fill the car up with gas, all done from the comfort of Mom just sitting in the seat.

11:49 Thomas, those were the days, as they say, in Archie Bunker, right? That's a dream, right? So let's make sure you get your very own financial fill-up strategy, and it really does take the worry out of living in retirement. When you can have certainty and not worry about probability anymore – probability is for Vegas, and that's fine with your leftover money, but not money you're going to need the rest of your life, folks. And I've been saying this for 34 years, and I still mean it today. Thomas, tell folks that they can get their very own financial fill-up strategy. All right. Just call 800-661-7383. 800-661-7383. And you can ask Coach's team to run those numbers with you. Make sure you understand how Income Rider works and that you have enough income in your retirement savings that gives you that certainty as you go through retirement. The keyword as well, plan, to 600-700. Just text keyword plan to 600-700.

12:35 That's it.

Coach Pete D’Arruda and Mike Milligan discuss dedicating part of a retirement plan to income and understanding how an income rider works. They examine why a saver’s priorities can change near retirement, the importance of asking how a strategy is structured, and the difference between product recommendations and a plan built around a client’s needs. Part two of their Financial Safari conversation.Call 800-661-7383 or text PLAN to 600-700.TranscriptAutomatically transcribed from this episode; timestamps are approximate.00:00 Welcome back into the Financial Safari. Loving the conversation today. I&#x27;m Thomas Lipscomb in studio with bestselling author Coach Pete D’Arruda, also joining us today, host of the One of a Kind Financial Show. He&#x27;s an author. Mike Milligan, catch up on the show by heading over to FinancialSafari.com. Mike, I&#x27;m sure you&#x27;ve been talking to clients for years, and when you talk to them about a true retirement plan, true or false, I mean, we really haven&#x27;t talked about this ahead of time, so I&#x27;m kind of leaving myself out there. But do you believe that if someone is approaching retirement, they need to have some of their money dedicated to lifetime income? Oh, yeah. Like, you know, the book that I&#x27;m most famous for is a book called The One of a Kind Financial Plan. Our company, One Oak Financial, stands for one of a kind. So the one of a kind financial plan, the book I wrote,00:46 says that you have to answer the question, why is money important to you? Because if you don&#x27;t answer that question, how can an advisor really do their job, right? So answer the question, why is money important? You have to put a vision for what your life&#x27;s going to be like. You know, what your community is going to be, what your focus on health is, and what&#x27;s your impact. But then we get to, like, the actual tactical side. Taxes being the biggest expense you ever have, that&#x27;s what we start with. Number two, then we go to retirement income. Because at the end of the day, right, most investment people, most one-size-fits-all advisors out there, they actually want to talk investments because that&#x27;s how they get paid, and then they abdicate responsibility. They say, go to this CPA, go to this attorney, go to this insurance guy.01:32 Because what they want to do is they want to solely focus on investments. But if you don&#x27;t focus on taxes being your biggest expense, and retirement income being guaranteed that keeps up with inflation, you&#x27;re just going to be finding a new advisor in retirement, and nobody really wants that. Because at the end of the day, the biggest thing that keeps people up at night is the fear of running out of money. And if I&#x27;ve done my math right, Pete, you can tell me this, but guaranteed means that you would never run out of money. Is that still true? Yeah, and the guarantees, again, they are only as good as the institution backing them. So you need to make sure you only put your money away long-term with companies that are going to be here for a long, long time, if not forever, right? And so how do you really know that? Well, you have to trust the numbers they put out, their books.02:20 We&#x27;ve analyzed that all the time. We don&#x27;t let our clients get in any company that&#x27;s below an A rating. And so because of B or C rated companies, of course, they&#x27;re going to offer more. But I&#x27;m not willing to take that risk with my clients. So they&#x27;ve got to be at least A rated. And there&#x27;s something called an income rider that some insurance companies offer on annuities. And annuities are great because there are streams of income you can&#x27;t outlive. The Roman Empire days, annuities were there. The soldiers would give some, when we&#x27;re going to battle, they&#x27;d find the local financial guy. They&#x27;d put money in an annuity, which basically said, I want to make sure my spouse gets income when I&#x27;m gone. And if I don&#x27;t show up back, I want that spouse to get the income forever. And that&#x27;s how long annuities have been. And so the income riders, we&#x27;ve heard some objections, though, usually ignited by the advisor who doesn&#x27;t want to let go of the money they have in the market, right?03:07 Because if they let go of the money they have in the market, they lose their planning fee, their quarterly fee, which they call a fee. I call it commission, money&#x27;s coming out. But here&#x27;s one, Mike. I don&#x27;t want to lose control of my money, somebody would say about an income rider. What would you say about that? Well, I mean, like, you&#x27;re not going to take all of your money at one time. So, you know, the biggest question is, is what&#x27;s the biggest check you&#x27;ve ever written in your life? So, you know, a listener out there has $2 million, and I&#x27;m like, I don&#x27;t want to put a million of that into an annuity because I lose access to that. Well, what&#x27;s the biggest check you ever wrote in your life? It&#x27;s probably the purchase of a car. Maybe it&#x27;s a college loan payment, or maybe it was that last check you wrote to pay off your mortgage. But for most people, that biggest check they ever wrote written in their life03:52 is $10,000, $20,000, $30,000, $40,000. Why do you need access? Well, going back to that advisor for a second, Pete, that says they want to keep control of the money, most advisors out there don&#x27;t leave all the money in the market because their compliance arms make them spread risk around between stocks and bonds. Yep. Well, you know, those income riders, you know, not to talk product or anything, but there&#x27;s 6% and 7% withdrawal rates that you can get on that guaranteed income. Well, right now, what&#x27;s the best bond investor in the world getting? Three and a half? Yeah, maybe four. Yeah, I was going to say between four and a half. Yeah, and so, but that&#x27;s not a guarantee. The bonds can&#x27;t guarantee you a lifetime income, can they?04:38 No, no. 2022, bonds went down just like the stock market did, right? Because interest rate risk is a real thing. It&#x27;s a big one. And so, like, using an income rider from an insurance company is a promise. It&#x27;s a promise that the money&#x27;s going to show up every month. It&#x27;s a promise that it will never end, and it&#x27;s a promise that you don&#x27;t have to worry that money&#x27;s going to be in your account. It&#x27;s a promise that you won&#x27;t run out of money. And that&#x27;s the benefit of an income rider. And that&#x27;s a big one. And so, like, the strong institutions that offer them, and again, we only talk about the strong ones, and some of them don&#x27;t fit. I mean, everybody&#x27;s different. So, there&#x27;s all different ones. I like to put two different streams of income together for my clients. One for their bills. Those are the bills that are going to come, the housing, the car, whatever else,05:25 and a little bit extra for emergency bills, or we factor inflation in, too, so put more than you&#x27;re paying now because we&#x27;ve seen how inflation can affect your net worth down the road. And we also put a stream of income together for you that&#x27;s going to come every single month all the way through retirement for fun, fun money. Who doesn&#x27;t want some fun money? You&#x27;re allowed to spend it for fun. You know, the reason why people don&#x27;t spend, Mike, is because they&#x27;re worried in their go-go years, they&#x27;re worried that they&#x27;re not going to have enough money. But if you have a guarantee in place that a new check is going to come every 30 to 31 days, showing right up, we call it the green flag on the mailbox, there&#x27;s no worries anymore. Matter of fact, that&#x27;s why people pass away when they have too much risk. They&#x27;re always worried about spending, and they usually don&#x27;t spend what they should or could. Holy cow, preach it, buddy. Keep going. Keep going, man. That&#x27;s good. I mean, it&#x27;s just mind-splitting sometimes how people don&#x27;t take the right step for themselves,06:12 and the right step for you listening is to get your very own total retirement plan. But inside there, make sure if you have a retirement plan, make sure it has the retirement income you deserve and you need, and you&#x27;ve been told you need to have. So if you don&#x27;t have income that&#x27;s guaranteed, you&#x27;re not. You&#x27;re just guessing. Thomas, we got the e-book on lifetime income. Probability is shot down by certainty. You&#x27;ve got to have certainty first. Let&#x27;s get that e-book in people&#x27;s hands. All they have to do is call right now. And that number is 800-661-7383, 800-661-7383, or just text keyword PLAN to 600-661. 700, that is keyword PLAN to 600-700. So, Mike, why do you think, you know, well, I know, but why do you think that this one side of the financial world that is constantly lobbing grenades over to the fixed side, the side that guarantees income?06:58 Well, listen, guys, it comes down to that word fiduciary. A fiduciary is going to do what&#x27;s in the best interest of the client. Yep. But these firms that manage money for a fee have owners, stockholders, board of directors that are telling you, keep the stream of money coming over to our business over and over again. Pete, do you know what a stream of income is? Oh, yeah, I do. It&#x27;s an annuity. Yes. It&#x27;s an annuity. Right. So an annuity, you know, staying in the market, paying a fee every month or every quarter is a stream of income to the business. And so why is an annuity, the stream of income, good for the business, but they will tell you it&#x27;s bad for you as the consumer?07:43 It&#x27;s, you know, it&#x27;s people who act one way and say something another way. I think we call those hypocrites. And there&#x27;s a lot of hypocrites in the financial market because how they run their business is how they tell the consumer to not run their household. And all the risk is put on the individual. People, if you have money invested in the market, you have control of that. If you&#x27;re paying somebody a fee, you have control of that. You can end that. You can use their business model, guaranteed streams of income in your life to reduce fear, stress, and anxiety in your life. And that&#x27;s probably worth a call in to the show today to see if the model that works for these companies that are earning record dollars.08:32 Guys, go look at the earnings of Goldman Sachs, JPMorgan Chase, Bank of America, Wells Fargo over the last quarter. Record numbers, record revenue because they have annuities baked in their business, right? Take back control, right, of your future. Get guaranteed income because it&#x27;s better in the long run. If it wasn&#x27;t good as a business model, Wall Street wouldn&#x27;t be doing it. You need to be doing it on Main Street, in Raleigh, in Apex, Chapel Hill, all across the country. You need to take control and call in to make sure you have that guaranteed income. Well, nobody starts a long drive with a quarter tank of gas. Everyone in retirement needs that financial fill-up strategy. Folks, if you want to find out how it could be customized for you based on your numbers, we&#x27;re not saying take all your money from risk.09:22 We&#x27;re saying take enough money to make sure you never have risk with your retirement income in the future. Thomas, let&#x27;s do this for the next 15 people. Not only are we going to give a total retirement plan, we&#x27;re going to give them that book, the 22-step total retirement plan. Oh, fantastic. It&#x27;s a $99 value when you come in. And we&#x27;re also going to give you a golden ticket where you can share it with a friend or family if they want to get that plan as well. And I&#x27;m going to give you three of the books I&#x27;ve written. When you come in, you&#x27;ll get to choose which ones you want. Thomas, tell folks that I can do that right now. Yeah, super easy. Just call the number 800-661-7383. 800-661-7383. Coach and his team will help you understand what an income rider could provide for you and how it fits into your retirement plan. You can also text us by texting keyword plan to 600-700. That is keyword plan to 600-700. So take that quarter tank and fill it up every single month with that financial fill-up strategy.10:11 You never – hey, Mike, you&#x27;ve had that feeling. You&#x27;ve gambled before when you&#x27;re riding down the road. And you say, well, gas is more – it&#x27;s cheaper down the road. I&#x27;m going to keep going. But you see that little red. It&#x27;s bouncing to the bottom of the red, the gauge. We can&#x27;t have income like that. No, you can&#x27;t do that in income, guys. Listen, I don&#x27;t drive in Puerto Rico. I walk everywhere I go or I get in an Uber. But every time when I go back to Norfolk, you know, that&#x27;s when I drive. And I have my SUV there that&#x27;s parked in my garage in Norfolk, Virginia. The last two times I&#x27;ve been back to Norfolk, I&#x27;m not going to tell you that I ran out of gas both times. But I barely got to the gas station. Oh, no. You&#x27;ve been pushing your luck a little bit. Yeah, yeah. Because when you don&#x27;t have somebody or you&#x27;re out of practice when it comes to driving, you don&#x27;t always notice what&#x27;s there.11:01 This is where that call in and meeting with Pete and the team will actually get you, you know, it&#x27;ll get you somebody looking under the hood of what your investments are, looking at what the performance is, telling you what your real fees are, and telling you if you really got an income plan or you just got an investment account. Well, green money never sleeps, and it pays whether the market is open or not, whether the market is up or down. And, folks, that financial fill-up strategy. Remember when you used to pull – I remember being in the back seat, Mom would pull into the gas station. Mike, you probably remember this, too. Three or four guys would run out. They&#x27;d pop the trunk. They&#x27;d check the oil. They&#x27;d fill the windshield wiper stuff up. They would fill the car up with gas, all done from the comfort of Mom just sitting in the seat.11:49 Thomas, those were the days, as they say, in Archie Bunker, right? That&#x27;s a dream, right? So let&#x27;s make sure you get your very own financial fill-up strategy, and it really does take the worry out of living in retirement. When you can have certainty and not worry about probability anymore – probability is for Vegas, and that&#x27;s fine with your leftover money, but not money you&#x27;re going to need the rest of your life, folks. And I&#x27;ve been saying this for 34 years, and I still mean it today. Thomas, tell folks that they can get their very own financial fill-up strategy. All right. Just call 800-661-7383. 800-661-7383. And you can ask Coach&#x27;s team to run those numbers with you. Make sure you understand how Income Rider works and that you have enough income in your retirement savings that gives you that certainty as you go through retirement. The keyword as well, plan, to 600-700. Just text keyword plan to 600-700.12:35 That&#x27;s it.

Coach Pete D’Arruda and Mike Milligan discuss dedicating part of a retirement plan to income and understanding how an income rider works. They examine why a saver’s priorities can change near retirement, the importance of asking how a strategy is structured, and the difference between product recommendations and a plan built around a client’s needs. Part two of their Financial Safari conversation.

Call 800-661-7383 or text PLAN to 600-700.

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