That Annuity Show Nassau Financial Group

On April 8-10, we held our third RetiretechTM event...this time in Las Vegas. Joe Jordan joined us as a keynote speaker. The next day, we caught up with him in the expo hall of RetiretechTM Las Vegas and talked to him more about the future of purpose-driven retirement planning. Learn more: https://imagine.nfg.com/retiretech-2024/

Tamiko Toland and Michael Finke join us today as founders of Income Path. Income Path is a tool that visualizes retirement income paths and the impact of annuities on that journey. A conversation with Bill Sharpe in 2018 provided the spark for this new venture. The tool aims to shift the narrative from fear-based discussions to positive outcomes and flexibility. It allows individuals to modulate their annuity allocation and equity allocation to create the desired income path. The target audience for Income Path includes financial professionals and institutions, and the tool can be used throughout retirement to evaluate and adjust income plans. Takeaways Income Path is a tool that visualizes retirement income paths and the impact of annuities on those paths. The tool aims to shift the narrative from fear-based discussions to positive outcomes and flexibility. Individuals can modulate their annuity allocation and equity allocation to create the desired income path. Income Path is targeted towards financial professionals and institutions and can be used throughout retirement to evaluate and adjust income plans. Chapters 00:00 Introduction and Guest Introductions 01:05 Genesis of Income Path 05:29 The Modeling of a Variable Annuity 06:52 The Value of Income Path and Annuities 07:22 Shifting the Narrative from Fear to Positive Outcomes 08:15 Coming Together to Create Income Path 09:18 Shifting the Perception of Annuities 10:12 The Flexibility and Offensive Role of Annuities 12:45 Visualizing Retirement Income Paths 14:17 Shifting Mindsets and Behavioral Inputs 21:43 The Impact of Annuities on Longevity Risk 23:08 Considering Healthcare Costs in Retirement 25:38 Target Audience and Launch Strategy 28:04 Inspiring Visualization and Flexibility 29:37 The Impact of Income Path on Advisors and Annuity Sales 32:47 Bringing Visual Tools to the Market 33:33 Closing Remarks and Thank You

217 - The Peak 65 Zone Is Here With Jason Fichtner Jason Fichtner, Chief Economist, Bipartisan Policy Center & Executive Director, Retirement Income Institute, Alliance for Lifetime Income joins us today to talk to us about his latest paper. Jason recently released the 2024 edition of “The Peak 65® Zone Is Here – Creating A New Framework For America’s Retirement Security". On our show, Jason Fichtner discusses this paper, the retirement income challenge, and the need for protected income strategies.  He highlights the moment and the retirement challenges faced by the baby boomer generation. Fichtner emphasizes the transition from defined benefit to defined contribution plans and the importance of optimizing Social Security benefits. He also discusses the use of bridge annuities to convert retirement assets into a stream of income. The role of the workplace in retirement planning and the need for prescriptive advice are also discussed.  The conversation explores the need for protected income products in defined contribution plans and the role of defaults in retirement planning. It also discusses the importance of educational tools and calculators for retirement planning and the impact of narrative framing and behavioral elements in retirement decision making. The narrative on retirement income strategies is changing, and there is a need to expand the message and address retirement security for multiple generations.   Takeaways: The retirement income challenge is a significant issue, with many individuals struggling to convert their retirement assets into a stream of income that will last their lifetime. The Peak 65 moment is approaching, with millions of Americans turning 65 each year. This highlights the urgency to address retirement challenges and ensure financial security for retirees. The transition from defined benefit to defined contribution plans has shifted the responsibility of retirement savings and income planning to individuals. This has created a need for protected income strategies, such as annuities. Employers play a crucial role in retirement planning, as employees often trust them for information and guidance. Employers can provide education and resources to help employees make informed decisions about their retirement income. Protected income products should be included in defined contribution plans to provide retirement security. Defaults can play a role in retirement planning by offering options that fit the majority of the population, with an opt-out option. Educational tools and calculators can help individuals understand the benefits of delaying social security and bridge the gap in retirement income. Narrative framing and behavioral elements are important in influencing retirement decision making. The conversation on retirement income strategies is shifting towards a holistic approach. There is a need to expand the message on retirement security and address the challenges faced by multiple generations.   Chapters 00:00 Introduction and Background 00:47 Jason's Roles and Expertise 04:13 Peak 65 and Retirement Challenges 05:11 Financial Challenges and Trust Fund Insolvency 06:03 Transition from Defined Benefit to Defined Contribution 07:25 Personal Experience and Retirement Savings 08:11 Optimizing Social Security Benefits 10:04 Bridge Annuities and Protected Income 11:29 Calculating Retirement Income 16:23 Role of the Workplace in Retirement Planning 21:50 Protected Income Products in Defined Contribution Plans 23:27 The Role of Defaults in Retirement Planning 25:17 Educational Tools and Calculators for Retirement Planning 30:20 Narrative Framing and Behavioral Elements in Retirement Decision-Making 35:02 Changing the Narrative on Retirement Income Strategies 38:03 Expanding the Message and Addressing Retirement Security 39:51 The Retirement Challenges for Multiple Generations Read more here: 

In this episode, Paul Tyler and David Czerniecki, Chief Investment Officer for Nassau, discusss various economic topics, including China's economic slowdown, energy prices, inflation, and global conflicts. They explore the implications of these issues on the global economy and provide insights into potential future developments. Takeaways China's economic slowdown has implications for the equity markets, interest rates, and global growth. Energy prices have remained stable despite conflicts and disruptions in shipping lanes. Achieving the target inflation rate of 2% has been challenging due to sticky prices in the services sector. Global conflicts, while tragic, have had a muted economic impact so far. Chapters 00:00 Introduction 01:05 China's Economic Slowdown 09:01 Inflation 14:06 Global Conflicts

Summary Ron Gura, the co-founder and CEO of Empathy joins us today on our show. Empathy aims to provide support and guidance to individuals who have lost a loved one, helping them navigate the administrative and emotional aspects of the process. He shares his personal journey and the inspiration behind starting Empathy. The conversation delves into the workflow and touchpoints of Empathy's services, the co-branded experience for carriers and producers, and the impact of Empathy's services on claimants. The episode concludes with a discussion on breaking the taboo around death and the value of experience over product in the insurance industry. Takeaways Empathy is a company that provides support and guidance to individuals who have lost a loved one, helping them navigate the administrative and emotional aspects of the process. The taboo around death and loss needs to be broken, and conversations about mortality and end-of-life planning should be encouraged. Empathy offers a co-branded experience for carriers and producers, allowing them to provide personalized support and resources to their policyholders and beneficiaries. Having conversations about death and end-of-life planning is essential, and individuals should take the time to discuss their wishes and make necessary arrangements with their loved ones. Experience and support are more important than the product itself in the insurance industry, and companies should focus on delivering a positive customer experience throughout the claims process. Chapters 00:00 Introduction and Weather Update 01:03 The Importance of Life Insurance Claims 02:07 Introduction of Guest: Ron Gura, Co-founder and CEO at Empathy 03:06 The Taboo Topic of Death and Empathy's Mission 04:12 Ron Gura's Background and Journey to Empathy 06:26 The Impact of Personal Loss on Ron Gura's Mission 08:25 The Need for Conversations About Loss and Death 10:04 The Workflow and Touchpoints of Empathy's Services 11:25 The Co-branded Experience for Carriers and Agents 13:26 The Administrative Support Provided by Empathy 15:44 The Impact of Empathy's Services on Claimants 17:44 The Logistics and Timing of Introducing Further Business Relationships 19:02 The Importance of Breaking the Taboo Around Death 23:20 The Value of Experience Over Product in the Insurance Industry 31:10 The Right Time and Approach to Introduce Further Business Relationships 35:12 Closing Thoughts and Advice on Having Conversations About Death 38:33 Conclusion and Call to Action

Summary Andrew Unkefer, an industry legend joins us to talk about the importance of relationships in the industry, the impact of technology, the future of the producer and IMO space, the shift to virtual meetings, consolidation in the industry, the impact of regulation, and the integration of estate planning and financial solutions. Andrew also shares his personal focus and future plans. Takeaways Relationships are still a key aspect of the insurance industry and producers and IMOs that prioritize serving their producers and building partnerships will thrive. The industry is experiencing a shift towards virtual meetings, with some producers successfully initiating relationships and conducting business through platforms like Zoom. Consolidation is happening in the industry, and producers and IMOs need to adapt and concentrate their businesses to remain successful. The integration of estate planning and financial solutions presents a significant opportunity for producers to provide a higher level of benefits and services to their clients. Regulation is an ongoing concern in the industry, but state-level protection can help ensure consumer protection and maintain the integrity of the industry. Chapters 00:00 Introduction and Background 01:22 Starting in the Insurance Industry 03:16 Educating People about Annuities 06:08 The Importance of Technology in the Industry 07:31 The Persistence of Paper Kits and Brochures 08:08 The Future of the Producer and IMO Space 09:05 The Shift to Virtual Meetings 10:42 The Importance of Relationships in the Industry 12:09 Consolidation and Changes in the Industry 13:31 The Impact of Direct-to-Consumer Marketing 15:03 Regulation and the Future of the Industry20:27 The Integration of Estate Planning and Financial Solutions 25:26 The Magnitude of the Opportunity for Estate Planners 30:35 The Importance of Celebrating Producers 34:09 The Impact of Regulation on the Industry 37:01 Future Plans and Personal Focus