How to Create a Steady Paycheck After You Retire

Hi, I'm Jon Stephenson, the Guaranteed Retirement Guy. Today, we're going to be talking about how to create a steady paycheck during your retirement. So you've been working, you've been used to that steady paycheck, and you're like, all right, I'm going to stop working, but I still need that steady paycheck. I still need to make sure that I have income coming in. That's going to fulfill my needs. And then what about inflation? OK, there's a lot of different things to think about. So if you're retiring right now and you're you're taking Social Security and maybe you have a small pension or a large pension, if you're lucky, maybe that's enough. But for most of us, it's not. And so usually what we need to do to create that steady paycheck that we're used to is we purchase an annuity contract that allows us to have more income on top of what we're already getting from Social Security and from any other pension. And maybe you have other assets, maybe you have a rental, but maybe you want to get out of the rental game. You're thinking, I just want to sell my assets and I want to buy annuities. I want to travel the world. People do that. So I'm going to show you how you can create that steady paycheck from an annuity. And you might want to purchase multiple and activate them at different times. Maybe not. So it just depends on you, what you're looking for. OK. All right. So I'm sharing my screen. And for this example, and again, if you want to do this yourself, go to my website, JohnStevenson.com. You'll be able to look at my calculators. If you want to see the highest income, go to the income writer calculator, and that will show you all of the highest payouts. OK, for this instance, though, I'm assuming the client is 62 years old and they're married. Their spouse is 62 and they want to take joint income immediately. And it's based off of $500,000. OK, you can be in a different state versus Colorado. Your income payout is probably going to be exactly the same. So it just depends. So if we look at that and say, all right, well, if we take it next month based off of $500,000 and we want steady paycheck, steady income for the rest of our life, here's what we're looking at. So Gilico guaranteed income life. They're paying out almost $32,000 per year. Guarantee the rest of your life and your spouse's life. You're both 62. It's a great deal. OK, you got Prudential, you got Meritas, Corbridge and so on. And they're all pretty darn close to each other. OK, doesn't really start going down until you get further down the page here. So but this is for immediate payouts. OK, if you want even just to wait a year, that might change drastically because there's different contracts out there that are better for immediate versus taking it a year or two or three years from now. OK, so I'm going to show that to you as well, because, you know, maybe $32,000 is plenty. You might be getting $50,000 from your other assets and $32,000 gets you at the $82,000 range. And you're like, that's perfect. That's all I need. Then great. But most of us want a little bit more if we can get it. And if you're waiting longer than 62, you can get more. So I'll just move this to 65, just kind of show you what it would look like if you defer it out for 36 months. So same $500,000, nothing's changed. Wow, look at that. OK, so nationwide, definitely a big increase there. So we've we've we've bumped it up another 12,000 per year. That's another $1,000 a month just because you waited 36 months. OK, but, you know, that's 44,000. Now your income, you know, now it's 94,000 instead of 82. That's a big, big jump. OK. So you think, all right, well, that's good. I'm going to take income at 65, but I'm going to need income later on. I mean, I'm going to need higher income because my Social Security is going up. Maybe you have a pension that is flat or maybe it's going up if you're lucky, but your annuity payment is not. And so over time, the purchasing power of 44,000 will not be the same. So you might look at purchasing additional contracts, but you don't have to spend as much. So I'll show you. So you can see nationwide that the best, OK, that the best for for income in three years, it's a no brainer. And if you're like, I'm going to wait three years, that's what I want to turn on my income. Then it's perfect. They're A plus rated. They're a good company. OK, but if you want to activate income later on, just give yourself raises, let's say every five to 10 years. OK, well, we'll look at that, but we'll see. I want to use smaller premiums, just $100,000 chunks. Maybe you've got a million bucks. Maybe you got two million bucks. OK, everyone's situation is different. And, you know, you might be watching and saying, I don't have anywhere near this. What's the best thing for me? Again, I would invite you go to my website, JohnStevenson.com and look at the calculators, use the calculators yourself and play with them and say, all right, well, how will this work? My circumstance. OK. All right. So $100,000. But this one, I'm not going to activate till I am 70. OK, so I've already activated income at 65. I've got $94,000 coming in a year. I'm really good. My Social Security is going up every year. Maybe my pension is going up. My annuities is giving me a very high payout, so I'm still fine. But I want to give myself a raise at 70. OK, and it's just based off $100,000. So you can see the highest one is NASA. You want to stick with A plus nationwide, still still right there. If you want to diversify with another company, Midland is right there as well. So $12,750. So you're adding another $1,000 per month. It's pretty nice. So now you're over $100,000 a year. OK, but let's say you bought another $100,000 annuity and you let that thing ride for, I don't know, let's say, let's say to your 77. OK, you don't have to take income at that point. You can take it earlier if you want. But if you decide to wait that long, then you're going to get a higher payout. So $100,000. You can see right now American equity is giving you the highest payout at $21,000. Wow, that's huge. What if you wait till you're 78, 22, 838? All right. A little bit more. I'm trying to get to that. See what see what it would do to get my $2,000. Just going to add another $2,000 a month to me. So wait until 80. Yeah, that's nice. So maybe I don't have to wait till 80. Maybe I can wait till 79. You see what I mean? Like I'm adding another $2,000, $2,200 per month in income. That's awesome. Now I'm like $130,000. So see, that's and I only did that with three contracts. So I use $700,000 of my million. So let's say you got a million bucks and you're like, well, I don't want to put all of it in. OK, and I don't recommend it. You can't. OK, you got to make sure you keep some money on the side. So if you can do it with less than 70 percent, do it with less than 70. Do it. Do a 50 or 30. OK. Just depends on you and your asset. But you can see just with multiple contracts, you can you can give yourself that steady paycheck when you need it. And then you can give yourself raises over time. OK. Now you can do this with other contracts like a SPIA. You could do it with which is one contract and have it give you a three to five percent increase every single year. The difference is you're going to have to start out with a lot more than 500,000. You'll have to start out with like probably a million right from the beginning because it's going to start your income at a lot lower and then raise it up over time. That's why a lot of people don't like that. They're like, oh, I got to wait like 10 years just to get to where I would have got if I would have got a level payout with an income writer. No, I could take the income writer. So that's why most people will do that. So but play with the calculators. You'll see what I mean. If you want to book a call, there is a link below this video goes directly to my calendar. OK, bring your annuity questions. If you have certain goals, maybe it's a single payout. A single payout is going to pay you more. OK, if you're if you're married, though, that will stop if you pass away before your spouse. So just remember that. So we'll look at that. We'll look at if you're looking for death benefits and legacy protection. There's there's other annuities that are better for that. They're not so good for income, but they're better for that. OK, so it just depends on what you are looking for. So I'll show you everything that's available. OK, if there is an annuity contract out there that pays you higher income and me less commission, I'm going to show it. OK. That's why I let people use these annuity calculators, because it it kind of it offers full transparency, allows you to do your own homework. And then whenever you're ready, you book a call with me and we'll go over the numbers. We could submit an application if you like and set you up with this income stream, so this steady paycheck that we're talking about. So, again, I hope this is valuable. If it is, please like please subscribe so you can get all of my awesome content each week. If you want, you can share the video with your friends. If you got questions and I'm not answering all of them, you should comment below because I'll answer. There's not any question that comes up that I don't answer. OK, so I'd love to help. I really hope that you have enjoyed this video. I enjoy making them and we'll see you next time.