Home / Questions
What clients ask before the first meeting.
If your question is not here, ask it on the call. There is no cost and no obligation.
What takes place on the introductory call?
A conversation. I ask what you have saved, what you expect to spend, and what concerns you. There is no presentation and nothing to sign. If a further step is warranted I will say so, and if it is not, I will tell you that as well.
Is there a minimum amount required to become a client?
No. There is no account minimum and no asset requirement. What determines whether I can help is not the size of the balance, it is whether the problem you have is one I actually solve. If you are trying to turn savings into dependable monthly income, that is my work regardless of the figure. If your situation calls for something else, I will tell you that on the first call and point you toward the right kind of professional.
How are you compensated?
I am compensated by commission, paid by the insurance company whose product you select, at the time the contract is issued. You pay me nothing directly. There is no charge for the initial call, no charge for the income analysis, and no planning fee. Your deposit is not reduced by my commission, so if you place $200,000 into a contract, $200,000 goes to work in that contract. The cost is built into the product itself, which is one reason the fees and features of a product deserve close reading before you sign. I will walk you through them, and I will tell you what I would earn on any recommendation if you ask.
Does an annuity lock up my money?
Contracts vary considerably. Most carry a surrender period with a limited amount available without penalty each year, and some are appreciably more flexible than others. You should understand exactly how much you can access, when, and at what cost before signing anything, and that is a discussion I would rather have at the outset than afterward.
What makes the income guaranteed?
The guarantee is contractual and rests on the claims-paying ability of the insurance company issuing it. It is not a bank deposit and it is not backed by the federal government. For that reason the financial strength of the carrier matters as much as the illustration, and we review both.
Are annuities appropriate for everyone?
No. They address one specific problem, which is converting a portion of savings into income that does not stop. Whether that fits depends on your other sources of income, your health, your time horizon, and what you intend to leave behind. In some cases the correct recommendation is that you do not need one.
Do you help with Medicare and health coverage before sixty-five?
Yes. I started in this business helping people work through Medicare, and I still review it. At sixty-five we compare your options and what each is likely to cost you in premiums and out of pocket. If you retire earlier, we look at Affordable Care Act marketplace coverage and how the income you report affects what you pay for it. There is no charge for the review.
Does Medicare pay for long-term care?
For the most part, no. Medicare covers skilled care for a limited period after a qualifying hospital stay. It does not pay for extended custodial care, which is help with daily activities such as bathing, dressing and eating, and that is what most long-term care consists of. Federal estimates are that almost 70 percent of people turning sixty-five will need some form of it. I have written about the options in a separate article.
Next Step
An initial review, at no cost.
Twenty minutes by phone or video. You will finish the call with a clearer understanding of where your retirement income stands, whether or not we go on to work together.