Summary
Four experienced advisers shared their insights about retirement planning in general and use of annuities in particular. Richard A. Dulisse, assistant professor of financial planning at The American College, said that only about 5% of annuities sold are immediate annuities, and of them, only about 5% are immediate variable annuities. John Huggard, senior member of the Huggard Obiol & Blake law firm, says that guaranteed minimum withdrawal benefit provides inflation protection and downside market protection and the contract owner still owns the assets. For Frank Congemi, registered financial gerontologist, the essence of retirement planning is earning more for clients than they withdraw. Congemi is more likely to use annuities when people have too much money to leave open to taxation for four or five years. Ted Bovard, principal with Fort Pitt Capital Group, favors preserving tax-deferred assets in qualified plans; owners must begin withdrawals on these at age 70 1/2.
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Extract
9 Key Retirement-Income Questions
If you are a financial adviser today, you will likely be faced with some tough questions about retirement planning. Or, you may need to raise issues that clients don't think of themselves.
Today's annuity products offer more benefits and choices than ever before. Advisers who don't consider them may be doing an incomplete job. With those thoughts in mind, Best's Review asked four experienced advisers for their insights about retirement planning in general and use of annuities in particular. We chose this group for their experience, objectivity and independence, and asked them to discuss nine important questions about retirement planning that may not always be addressed. Of course, all advisers need to exerc...See the full content of this document
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