They are not an investment. They are an insurance product. They are designed to do one thing and one thing only, and that’s insure and guarantee your income. So, think about this for a minute. Do we insure our home? Yes, our cars, our health, right?
Why would you have your money invested so aggressively to try to achieve a 20% rate of return when you only need 5 to 6%?
It’s never too late. And I’m going to tell you there’s lots of great strategies that you can utilize to really accelerate your retirement savings. I’ll give you a perfect example. I had a lady came in. She got divorced later on in life. She had raised the kids. She had not worked in a very, very long time.
We have a lot of questions and a lot of comments, and a lot of people are asking about health care, and we always talk about for your retirement. Why is health care one of those columns of the things you help people with?
Pensions still exist in a very small percentage. And if you look at how pensions are designed, they’re designed to provide you with a monthly income. Now, what’s unique about a pension is that typically, if you have one, you know, we still see teachers having them, state workers like police officers, postal people, they still have pensions, and there’s big decisions that need to be made about those pensions, like you know, are you going to take a single life option?
If you even look at what’s happening in the financial industry right now, there’s a big exit of financial advisors out of the big box firms into the independent world, because they just don’t want to have to sit down with a client anymore and have an agenda.