Don Hanifin discusses the importance of guaranteed income & tax risk
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-don-hanifin-founder-of-dh-retirement-solutions-discussing-guaranteed-income-tax-risk/
In this episode of Influential Entrepreneurs, host Mike Saunders welcomes back Don Hanifin, founder of DH Retirement Solutions. The discussion centers around the concepts of guaranteed income and tax risk in financial planning, particularly for retirement. Don emphasizes the importance of preparing for a long retirement, as the average American may spend up to 20 years in this phase of life. He highlights that 69% of people fear they haven’t saved enough for retirement, making it crucial to ensure a dependable income stream.
When planning for retirement, one of the most critical aspects to consider is ensuring a reliable and predictable income stream. This is where guaranteed income sources come into play. The primary sources of guaranteed income for retirees include Social Security, pensions, and annuities. Each of these sources plays a vital role in helping individuals manage their finances during retirement and mitigate longevity risk—the risk of outliving one’s savings.
- Social Security
Social Security is a government program that provides monthly benefits based on an individual’s work history and earnings. It is designed to supplement, rather than completely replace, pre-retirement income. One of the key features of Social Security is its cost-of-living adjustment (COLA), which typically hovers around 3%. This adjustment helps retirees maintain their purchasing power over time, making Social Security a crucial component of a retirement income strategy.
- Pensions
For those fortunate enough to have access to a pension, this employer-sponsored plan can provide a fixed income stream, often for life. Pensions may also include a cost-of-living adjustment, further enhancing their value as a reliable income source. The predictability of pension payments allows retirees to plan their budgets with greater confidence, knowing they have a steady income to cover essential expenses.
- Annuities
Annuities are financial products that can offer a “contractually guaranteed” income stream, making them an attractive option for retirees looking to secure their financial future. Specifically, fixed indexed annuities are highlighted as a preferred choice because they are not subject to market fluctuations. This means that even if the market performs poorly, the money earned in the annuity is retained, providing a secure place to park funds until they are needed for income. Annuities can be particularly beneficial in addressing longevity risk. As people are living longer and healthier lives, the need for a sustainable income that lasts throughout retirement becomes increasingly important. By incorporating annuities into their retirement strategy, individuals can ensure they have a reliable income source that can help cover their expenses for as long as they live.
Don shared: “The big takeaway is you’ve got a system where you can sit down with someone and put them through an analysis.”
Video Link: https://www.youtube.com/embed/7V9D3n5OyPs
About Don Hanifin
With 29 years of experience in the financial services industry, Don is the founder and owner of DH Retirement Solutions, Inc. Based in Massachusetts and Connecticut, Don specializes in helping individuals and families navigate retirement income planning with a focus on optimizing income and reducing taxes.
Don works with clients to create comprehensive strategies that integrate life insurance, annuities, Medicare, and longevity care allocation planning. By taking a proactive approach, Don helps clients secure their financial future, ensuring they enjoy a comfortable and worry-free retirement.
A trusted advisor, Don provides personalized solutions that align with each client’s unique goals and financial situation, all while helping them maximize their retirement savings and minimize tax liabilities.
Insurance Licensed in MA & CT | Retirement Income Planning Expert
Learn More: http://dhretirementsolutions.com/
Recent News and Interviews
- Don Hanifin Discusses How Life Insurance Fits into Retirement: https://businessinnovatorsradio.com/interview-with-don-hanifin-founder-of-dh-retirement-solutions-discussing-how-life-insurance-fits-into-retirement/
- Don Hanifin Discusses Long-Term Care Risk: https://businessinnovatorsradio.com/interview-with-don-hanifin-founder-of-dh-retirement-solutions-discussing-long-term-care-risk/
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