Words from Woods

Facebook Twitter Email Pinterest Linkedin Reddit Tumblr

 

Bob Woods

Bob Woods

This one’s for you, guys.

Recently, I wrote about, “peace of mind” during retirement.  “Money” was the common thread in the feedback I got, but another word kept surfacing – “lifestyle.”  And whose mouth was that word coming out of?   WOMEN’S! I’m not surprised. Recently, a female client, when asked to explain “lifestyle” simply said “my twice a month housekeeper and gardener”.  Another said, “our couples massage each month.” You see gentleman (uh-hum), while you’re busy looking for the next great stock or guessing what the price of gold will be, your wife is concerned about one thing…her lifestyle. And lifestyle is not a five star mutual fund! It’s the difference between “PAY” money and PLAY” money. Lifestyle (ask her…) means enough money to pay the bills (if you’re there or not!), and still be able to go visit the kids or grandkids when she wants to, have lunch with the girls, a little shopping, or maybe a little traveling. Basically, insuring there is enough money coming into the checking account regularly during her lifetime (and yours) to “live!” OK?

So let me help you out here.

Add up your pension income (if you are so fortunate), social security payments and any other income sources. Chances are there’s a gap in the in the amount of guaranteed income (PAY money) that needs to be generated. There’s only one source of guaranteed, contractual, lifetime income that you can create and that you and your wife cannot outlive – annuities! (During numerous interviews I’ve had with couples, as I made that statement, the wife’s elbow hit her husband’s rib cage as a not so subtle reminder of the importance of guaranteed lifetime income to her!)

“But Bob,” you’re thinking, “it’s difficult to explain to her that taking market risks really pay off in the long haul and that we need to hang in there during volatile times.”  Yeah.  OK!

Some advice, my friends; start transferring some of that risk off the table so that guaranteed, lifetime income can be generated… for now or for later.

Hey, you may not like or understand annuities.  But guess what – your wife loves them. By setting up a predictable income stream, PAY money for her (and you), obligations are met, (consistency) lifestyle is maintained (security) and marital bliss stays alive and well (no anxiety).  And your ribs are protected!

Call us!

As Always, I wish you good fortune. Oh yeah, and a Merry Christmas!

 

Bob Woods, Pres. Woods Financial

757-482-0291

www.chesapeakewoodsfinancial.com

Facebook Twitter Email Pinterest Linkedin Reddit Tumblr

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>