Bill Andrews, Financial Professional, Interviewed on the Influential Entrepreneurs Podcast Discussing Annuities

Bill Andrews discusses his insights on Annuities.

Listen to the interview on the Business Innovators Radio Network:

An annuity is a financial product that guarantees a series of payments for a specific period of time. There are two primary types of annuities: immediate annuities and deferred annuities. Immediate annuities provide regular payments immediately after purchase, while deferred annuities involve making lump sum payments or a series of payments into an account that grows over time to generate income later in life.

Annuities are popular because they offer security and stability, unlike the volatile stock market. They provide guaranteed returns and protect against market fluctuations, which is especially appealing to individuals nearing retirement who may not have enough time to recover from potential losses.

In addition to the guarantee and contract aspect, annuities offer several other benefits. They are a versatile retirement funding vehicle that provides safety, liquidity, tax benefits, and competitive rates of return. The growth within an annuity is tax-deferred, meaning individuals do not have to pay taxes on the growth until they start withdrawing the funds. Furthermore, if qualified money such as IRAs is used to fund an annuity, the tax-deferred status is maintained.

It is important to note that annuities themselves are not taxable products, but they offer tax advantages. The tax deformability of annuities allows individuals to accumulate wealth without the burden of immediate taxes. When the time comes to start taking an income from the annuity, the withdrawals may be partially or fully taxed depending on factors such as whether it is a Roth annuity or not.

Overall, annuities provide individuals with a reliable and secure way to generate income during retirement. They offer guaranteed payments for a specific period of time and provide tax benefits, making them an attractive option for those seeking stability and longevity in their financial planning.

Bill said: “What most people are using annuities for today are deferred annuities where they’re placing a lump sum or a series of payments into an account and growing it in order to generate an income at a later period in their life. When I hear words like guarantee and contract, that’s really comforting to someone who is looking for very little volatility, right? Absolutely, especially with all the uncertainty and volatility out there now. I think that’s a big piece that people just don’t pick up on, which is you can put your money in the market, per se. But at a certain age, you need to start shifting gears and thinking, I don’t have enough runway before retirement for the volatility to kind of weather and recoup.

About Bill Andrews

With over four decades of experience in the insurance, banking, and brokerage industries, Bill Andrews began his career in 1979 as a life insurance and securities professional. The financial world became his early playground and he loved it.

In the 1980s he joined one of the most respected firms in the securities industry and gained valuable expertise advising and planning for many of the retirees making their way south from the northeastern seaboard.

Having grown up in Miami, Florida, he had the opportunity to work with his father, his first mentor and respected private yacht captain who catered to the mega-wealthy, politicians, and corporate titans. The experiences gleaned from living and working on these floating hotels provided him with unique insights, and a rare opportunity to observe and converse with some of the world’s most successful people.

Throughout his career, he received numerous awards and accolades, including being recognized as a top representative for numerous nationally ranked banking, insurance, and securities behemoths, thanks to his unwavering dedication to success and client service.

Since 1995, he has been managing his own retirement planning practice. Over the past two decades, he sponsored and spoke at more than 200 financial seminars on topics such as 401k/IRA rollovers, cash management, investment tax strategies, annuity and asset allocation, investment and income planning, and Social Security planning. Additionally, he has frequently collaborated with CPAs and attorneys to provide expert guidance on tax, estate, and trust planning.

Between 2002 and 2005, he partnered with a physicians’ financial advisory and practice management firm, participating in speaking engagements focused on pre-retirement and retirement planning for practicing physicians.

For the past decade, he has been advising on 403b, 457, 401k/IRA rollover and pension planning in 15 San Francisco Bay Area and Silicon Valley school districts, conducting over 100 retirement and compliance seminars for all levels of educators from janitors to superintendents.

So far, over the course of his career, he has advised thousands of individuals and families. These relationships and experiences translated into valuable lessons, stories, and life experiences. His clients have benefited richly from his lifetime of seasoned insights.

He frequently travels for business or pleasure but usually both. As his clients retire many are relocating from the West Coast closer to their children and grandchildren or simply to realize their dreams. He estimates his client base now spans 17 states. He hikes the Great Northwest forests, rivers, and the most majestic NW Pacific coast beaches. He even indulges in a little salmon fishing on the Columbia River.

As he continues to adopt new technologies and grow his practice, he is driven by a passion for the industry and a commitment to being productive, balanced, and helpful thereby, meeting his own retirement goals. He looks forward to building new relationships and experiencing an abundant life filled with love and happiness.