Scott Edelman discussing guaranteed income
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-scott-edelman-founder-of-edelman-wealth-management-group-discussing-guaranteed-income/
Scott Edelman delved into the concept of guaranteed income in retirement, emphasizing the importance of certainty and peace of mind for retirees.
Scott explained that guaranteed income is essentially about providing a reliable paycheck during retirement, which is crucial for individuals who want to ensure their financial stability after years of hard work and saving. Mike Saunders and Scott Edelman discussed how traditional pension plans are becoming less common, making it vital for individuals to explore alternative sources of guaranteed income, such as Social Security and guaranteed income annuities.
In today’s fast-paced world, the notion of retirement can be both exciting and daunting. After years of hard work and saving, the prospect of stepping away from the daily grind is appealing; however, many individuals grapple with the uncertainties that come with this life transition. The primary concern often revolves around financial stability—specifically, how to ensure a steady income stream that will last throughout retirement. This is where the concept of guaranteed income comes into play, offering retirees the peace of mind they desire.
Guaranteed income, particularly in the context of retirement, refers to a reliable source of income that individuals can expect to receive regularly, much like a paycheck. As Scott articulates, it’s less about the term “guaranteed” and more about the “certainty” it provides. Certainty of income is what allows retirees to plan effectively for their future, ensuring that they can cover their essential expenses and enjoy their retirement years without financial anxiety.
The importance of guaranteed income cannot be overstated. As individuals approach retirement, they often seek clarity about what their financial landscape will look like. The ability to predict monthly income allows for better budgeting and lifestyle planning. It alleviates the common fear of outliving one’s savings—a concern that ranks high among retirees. By establishing a guaranteed income stream, individuals can enjoy their retirement with the confidence that their financial needs will be met, regardless of unforeseen circumstances or market fluctuations.
One of the most familiar sources of guaranteed income is Social Security. This government program provides a baseline level of income for retirees, offering a sense of security. However, as Edelman points out, Social Security alone may not suffice to maintain the desired lifestyle during retirement. Therefore, it is crucial for individuals to explore additional avenues for guaranteed income. This is where products like guaranteed income annuities come into play. These financial instruments can be tailored to provide a steady paycheck for life, effectively functioning as a personal pension plan. By integrating such products into their retirement strategy, individuals can mitigate risks and ensure a reliable income source.
The psychological benefits of guaranteed income extend beyond mere financial stability. The peace of mind that comes from knowing one has a secure income stream can significantly enhance overall well-being. Retirees can focus on enjoying their newfound freedom—traveling, pursuing hobbies, or spending time with family—without the constant worry of financial strain. This mental clarity is invaluable, allowing for a more fulfilling retirement experience.
Moreover, the conversation around guaranteed income is particularly relevant in today’s economic climate, where traditional pension plans are becoming increasingly rare. As companies shift away from providing pensions, the responsibility of ensuring financial security in retirement has largely fallen on individuals. This shift makes it even more essential for retirees to take proactive steps in establishing guaranteed income sources, ensuring they do not face uncertainty during their golden years.
Scott shared: “I mean you’re right people love the word guaranteed- the word that I like to use when we talk about retirement is certainty of income because that’s really what you’re looking for in retirement.”
In conclusion, the concept of guaranteed income is pivotal in securing a peaceful and fulfilling retirement. It provides the certainty that retirees crave, allowing them to plan their lives without the looming fear of financial instability. By leveraging sources such as Social Security and guaranteed income annuities, individuals can create a robust financial strategy that not only meets their needs but also enhances their overall quality of life. As the landscape of retirement continues to evolve, embracing guaranteed income will be a key factor in achieving the peace of mind that every retiree deserves.
Video Link: https://www.youtube.com/embed/zd0znZe4kUU
About Scott Edelman
Scott is the President & founder of Edelman Wealth Management Group and manages all aspects of financial planning and employee benefits, providing products and services for investing, retiring, insurance, and estate conservation for individuals, families, and businesses.
He has a strong commitment to giving uncomplicated advice and unparalleled service and puts an emphasis on creating lasting relationships with his clients and within his community.
A natural teacher and mentor, Scott is a member of Strategic Coach, an entrepreneur business coaching program. He is a thought leader in the financial field and a regular speaker at conferences. Scott is also active with local charities and is on several boards.
Scott lives in Bucks County, PA with his wife and children.
Learn more: http://www.edelmanwealthmanagement.com/
Edelman Wealth Management Group, Inc. Heston Hall 1790 Yardley-Langhorne Road, Suite 202 Yardley, PA 19067 Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth Annuities are generally considered long-term investments and intended for a person who has sufficient cash or other liquid assets for living expenses and other unexpected emergencies – such as medical expenses. Annuities are not deposits of or guaranteed by a bank and are not insured by FDIC or any other agency of the US. All guarantees are solely backed by the financial strength and claims paying ability of the issuing insurance company. Lifetime income refers to an income rider or benefit that is an additional feature available with some annuities and generally optional and come with additional cost. Income benefits are designed to provide income options above and beyond the standard annuitization or free withdrawal features in annuities.
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