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, Bob 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

Get a Free Coaching Call From a Carson Group Executive Business Coach

It’s important to get an outside perspective from inside the industry. Our executive business coaches have years of experience in building and growing advisory firms. In fact, our coaching members grow 2.5x the industry average over a two-year period.

So here’s our challenge to you: put a framework in place for your business by getting a free coaching call. One of the most important calls with your coach is the first one. And we’re giving it away for free.

Go to CarsonGroupCoaching.com/Framework to sign up for your free coaching call with a Carson Group Executive Business Coach.

Subscribe and Stay in Touch

AUTHOR

Jamie Hopkins

Managing Director, Carson Coaching
ESQ., MBA, CFP®, LLM, CLU®, ChFC®, RICP®
facebook twitter linkedin mail print
Share Post: facebook twitter linkedin mail print
Recent Posts
jamiehopkins

Listening Effectively and Breathing New Life into the Industry with Suzanne Siracuse

By: Jamie Hopkins
In today’s episode of Framework, Jamie talks with Suzanne Siracuse, former Publisher and CEO at InvestmentNews. Suzanne has a long history in the financial planning profession and oversaw the growth…
jamiehopkins

Leading with Integrity and Building a Culture of Success with Bob McKillop

By: Jamie Hopkins
In today's episode of Framework, Jamie talks with Bob McKillop, head men’s basketball coach at Davidson. Bob started off as a collegiate player (via a failed run at baseball) but…
Blog

How to Safely Return to the Office as COVID-19 Restrictions Lift: A Guide for Business Leaders

By: Jessica Harrington
We have spent a large portion of 2020 in a state of limbo. Now that many regional lockdowns have lifted, business owners are faced with a number of questions about…
jamiehopkins

Mission-Based Investing and Participating in the Economy with Ashton Kutcher

By: Jamie Hopkins
This week, Jamie talks with a man who needs no introduction: Ashton Kutcher. Ashton is an A-list celebrity with a long career in film and television. Today, he is a…
1 2 3 61