On today’s episode of Framework, Jamie talks with Tom Hegna, a thought-leader in the income planning for retirement space.

Tom spent time in the military prior to entering the insurance space and joining New York Life as an annuity wholesaler. After climbing the ladder at New York Life, he was put in charge of selling retirement income products. Seeing lots of Baby Boomers coming in, Tom knew this was something they were going to need. So he dug into the research to support his stance on retirement income planning, and worked on a lot of innovative products.

He found that a lot of people choose professions because of steady paychecks. But when you reach retirement, you’re not worried about paychecks, you’re worried about a volatile basket of wealth. Tom has been talking about utilizing a paycheck framework for retirees for years and why this strategy can provide stability in retirement.

In today’s episode, Jaime talks with Tom about his views on retirement income, annuities vs bonds, and why you should have a plan for long-term care.

“Retirement’s all about income. It’s not about assets. And if I have enough guaranteed income coming in, it doesn’t matter what my assets are doing. I don’t want to worry about my assets. I want to be playing golf. ~ @TomHegnaSpeaks

Main Takeaways

  • The general summary of paychecks and “playchecks” consists of the following:
    • People should cover their basic living expenses in retirement with guaranteed lifetime income.
    • They should then optimize the rest of their portfolio to protect themselves against inflation.
    • Have a plan for long-term care.
    • Use life insurance to pass wealth to children, grandchildren, and charities.
  • Annuities will always beat bonds in the long-run. Always! They also give clients peace of mind that they will weather the storm.
  • Clients love guaranteed lifetime income. It makes them happier and now data shows that it will allow them to live longer as well.

Links and Important Mentions

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