Is there a Fiduciary-based way to create lifetime income?
As the availability of pensions has decreased over the past decades, particularly in the private sector, lifetime income needs for retirees has often been addressed with the use of insurance-company provided annuities. Given that these products typically come with a commission and often only require an insurance license to sell, the best interests of the investor has not always been served. The commission structure of annuities is often an issue for fee-only and fee-based fiduciary financial advisors as well. Setting the issue of commissions aside, the promise to provide guaranteed lifetime income often came with a hefty price to the investor. Add in portability issues, and it has become apparent that a better solution for lifetime income has been needed for sometime.
Income America aims to step in and fill this gap. The result of several industry leaders joining forces, Income America 5ForLife is a series of target date portfolios that provide guaranteed lifetime income. With Income America 5ForLife, a lifetime income guarantee of 5% per year, beginning at age 65, is built into the portfolios—offering protection against market uncertainty during retirement.
In this episode hosts Will Steih and Josh Null are joined by Matthew Wolniewicz, the President of Income America, to discuss the events and collaboration that resulted in the Income America offering. Matt discusses his own experiences and frustrations with the lack of fiduciary guidance and products available to retirees seeking life time income. Tune in to learn:
- What the fiduciary standard really means and why it’s often missed in retirement planning
- Red flags for investors that they are NOT dealing with a fiduciary-based advisor
- How an investment manager, a RIA and two insurance companies joined forces to offer a truly unique fiduciary solution to life time income needs
You can learn more about Income America by visiting https://www.incomeamerica.com/. If you would like to continue the conversation with Josh and Will, make an appointment on our website at https://gulfcoastfa.com/, or feel free to call 251-327-2124 or email firstname.lastname@example.org.