How to Talk to Clients About Annuities
December 19, 2023 by Matt DiGangi
About This Episode
With Americans living longer and deferring retirement for lots of reasons, the retirement planning landscape is changing. Employers are not offering pensions. All these factors make planning for retirement income crucial. We’ll explore this in depth with my guest, Matt DiGangi.
Click HERE to listen via Advisor Perspectives
Wink’s Moore on the Market: Very cool Matthew DiGangi, MBA, CLTC!
I dig that MassMutual is helping consumers start with what [DiGangi] calls their “four-box strategy.”
So you look at this four-box plan of necessary expenses, discretionary expenses, guaranteed income covering those necessary expenses, and then other sources to cover their discretionary expenses.
This process may reveal a need for annuities, should traditional pensions and social security fall short of the income needs of the customer.
If you think this sounds neat, Mass has also developed a income-gap calculator, that can aid in discussions with the client.
I gotta admit- it’s kind of nice to have someone discussing the merits of income annuities, for once! Deferred annuities aren’t always the solution.
Wow- customer satisfaction with a financial professional increases dramatically when annuities are part of the conversation? Mind blowing! Thanks for dropping that knowledge, Matt! -sjm