You're Able to Get a Job Better Now Than at Any Time in the Past Couple of Decades
Job Openings Are at Record Levels and Since You're Likely to Live Longer Than Ever, You're Going to Need More Income Than Ever in Retirement. This Means You're Going to Need More Money to Generate That Income in Retirement.
Ric Edelman: And the good news is, you're able to get a job better now than at any time in the past couple of decades. Job openings are at record levels. 11 million jobs are available right now. So saying you can't find a job, well, I think you're probably wrong about that. Maybe you can't find the dream job. Maybe you can't get the job you really want. Maybe you can't get as much of a salary or a compensation package as you were hoping for. But to say that you can't get a job, frankly, is nonsense. So focus on your future. That's what this show is all about. Focus on the fact you're likely to live longer than ever, that you're going to need more income than ever in retirement, and that means you're going to need more money to generate that income in retirement. And how are you going to generate it exactly? Well, there's a new study that just came out from Allianz Protected Retirement Income and Planning Study. Protected retirement income? According to this study, 85% say they're interested in owning an annuity that guarantees lifetime income. Well, I want to ask you a question. Does that sound good to you? How would you like to take your money, put it into an investment or insurance product that gives you a monthly income guaranteed for life? Sounds pretty good to me.
Ric Edelman: Does it sound pretty good to you? 85% say they would like such a product. And it makes perfect sense if you think about it. It's like a pension. It's like a Social Security check. You know, you're going to get that check every month no matter how long you live. Pretty cool. And of course, 85%. I'm frankly surprised that it's only 85% who say that that's what they want. Think about this, a guaranteed lifetime income. What's not to love? The problem is this just because you put your money into an annuity that promises that lifetime income. Are you certain that they're going to be able to deliver on that promise? You have to wonder, how long is that annuity company projecting that you're going to live? Are they projecting that you're going to live to 85 or 90 or 95? What happens if you live to 105? That's what scientists and gerontologist are saying is likely to happen over the next 2030 years due to advances in medical science and exponential technologies. If everybody who buys annuities lives a lot longer than the actuaries are projecting, will the annuity company be able to honor their promise of continuing to give you the income that they're guaranteeing you're going to get? So, sure, it's easy to become a sucker of the sales pitch that, oh, we guarantee to give you a lifetime income.The real question is, are they going to be able to deliver on that promise? And you won't know whether they're able to do it until you're in your 90s and 100s. And that's a pretty late interval for you to discover whether or not you made a good decision way back when you were in your 50s or 60s. Be careful, before somebody recommends to you an annuity product.