AboutBruce Julien Expertise I can answer questions on and raise issues clients overlook in the areas of Estate Planning as far as taxes and distribution flow problems, Asset Management as far as appropriateness of assets and allocations for a desired goal and the value a consumer gets for their costs, Tax Planning related to Income and Estates, and Insurance/Annuity questions particularly in light of suitability to the consumer.
Experience I became a CPA in 1991 and began offering financial advice in 1992. I am a Registered Investment Advisor which means I sign off on putting clients' interests first in a fiduciary role.
Education/Credentials BA in Accounting, University of Maryland 1990
Question I am exploring options for receiving a guaranteed stream of income for at least 25 years of retirement. I would like to pull approximately 5% of my assets out on an annual basis and Guarantee that I will not run out of money in 25 years. What should I do?
Answer Aaron this is contentious in the advisor community
You have several options and each is complex since it affects other areas of your planning.
One thing you will run into if you see local advisors will be an annuity with a *guaranteed withdrawal* sounding rider. I have seen 10 this year from clients who thought they bought one thing and really had another. Insurance Agent of course got paid well to flim flam this thing. It actually can work, but you have to understand it fully and decide. I have decided to tell people to call the copmpany 800 number directly with the agent to hear it straight, since the company is afraid to lie.
How much income do yu need and how much money do or will you have? What rates of return aare out there when you pull the trigger and will continue for 25 years? Do you need to leave a legacy to anybody? What about inflation? A brand new 1984 Honda Accord was about $9k and now it is $30k. So if you said in 1984, I need as much annual income as a new car, you'd have been OK to get $9k a year. By now, you'd live the same lifestyle with $30k but your old reliable $9k buys you...
You have a lot of variables and most wham bam sales oriented planners will likely miss at least one crucial area and your plan might have a hole in it.
Sorry to leave you confused but an in depth plan is beyond this forum. Do this. See a local FEE ONLY planner and pay a few bucks for advice with no sales product attached. You will get an honest and accurate answer
