How Should an FE Agent Retire?

[WinoBlues]

Become a marketing recruiter that is also a Lead vendor on alcohol.

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Depends on where you work.

If the woods, you drive off into the sunset in an old beater pick up. The engine backfires and the neighboring 'shiner shoots you thinking you're a revenuer.

If the hood, then in a '76 Caprice with 22s and a custom paint job. The police yank you out and beat you senseless a block later.

OK, or that

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[zonk117]

Do you do annuities as well?

I do not. Only been in insurance a year now really. I run 40 fresh DM leads a week with an appointment setter. Getting out there to sell is not problem.

I feel like I should learn. Currently learning more medd supps and MA's.

 

[PA Bill]

I remember asking this old timer about his retirement plan. He reached over, grabbed a bottle of whisky and said, "This is my retirement plan, right here". Well, alrighty then!

 

[senior-advisor-indiana]

Become a marketing recruiter that is also a Lead vendor on alcohol.

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.................

I was expecting an image of John Galt...

 

[Newby]

Young FE agent here.

Care to give advice on the best way to retire well in the biz?

Maybe an EIUL, S&P 500 IRA, or annuity?

Maybe I should work my tail off and just save my money and sell more Medicare items and build a team?

Thoughts?

Many new agents are pitched the BS of building your retirement off of "building a team" or "renewals from Med Sups."

Both of these bullhockey pitches are just recruiter noise designed to pull ignorant young bloods in to the trap.

Anyone with any sense sees the flaw in the logic.

Med Sup renewals? Really? Aren't most of the people you are selling those too older than you? Don't you think some of them will die before you do? Don't they just pay renewals for six years? What if you lived seven years after you retire?

Let me explain something to you young grasshopper. Working a book of Medicare is not retirement. It's work. It's fine while you are working. But it ain't retirement. It can supplement the first couple years of retirement. But you better have a better plan.

Downline? Really? Having a downline is retirement? I have a bunch of agents in my downline. I would never in a million years consider that my retirement plan. I get up working and I go to bed working. I work Saturdays and most Sundays. My downline is profitable. But it ain't retirement. It's work. You have to keep all the plates spinning. If I retired and quit working it would all go away real quick. It ain't a retirement plan. Unless you are ignorant.

You should retire just like everyone else retires. Put money back for your retirement every year. Invest it. Or buy annuities. Or stick it in a matteress. But just put it back every year. If you're making six figures plus you should be able to stick $10,000 a year back anyway and still live nice. If you start young that will really accumulate. If you start later you have to stick a lot more back each year. But it's worth it.

Retirement savings should be one of your largest personal expenses. Don't be that guy that has the too expensive car, too big of house, flashy bling but no real money. Nothing beats having real wealth. Everyone with an insurance license can build real wealth. But only if you use your head.

You get rich slow. But you will get there.

 

[marcque]

Preach it, Newby!

In my opinion, if you're young like me and looking to actually invest decades out, Vanguard has a great total market fund. If you're closer to retirement, they also have retirement funds which will give you a reasonable risk in the market but enough in bonds so you'll stay safe in a recession.

 

[Stephen]

Young FE agent here.

Care to give advice on the best way to retire well in the biz?

Maybe an EIUL, S&P 500 IRA, or annuity?

Maybe I should work my tail off and just save my money and sell more Medicare items and build a team?

Thoughts?

Set up an IRA and start saving 4% of your net income into it. All S&P 500 is fine starting out but I would prefer to have some international and small cap exposure as well. Increase your contribution by 1% of your income each year over the next 6 years and you will be set.

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Many new agents are pitched the BS of building your retirement off of "building a team" or "renewals from Med Sups."

Both of these bullhockey pitches are just recruiter noise designed to pull ignorant young bloods in to the trap.

Anyone with any sense sees the flaw in the logic.

Med Sup renewals? Really? Aren't most of the people you are selling those too older than you? Don't you think some of them will die before you do? Don't they just pay renewals for six years? What if you lived seven years after you retire?

Let me explain something to you young grasshopper. Working a book of Medicare is not retirement. It's work. It's fine while you are working. But it ain't retirement. It can supplement the first couple years of retirement. But you better have a better plan.

Downline? Really? Having a downline is retirement? I have a bunch of agents in my downline. I would never in a million years consider that my retirement plan. I get up working and I go to bed working. I work Saturdays and most Sundays. My downline is profitable. But it ain't retirement. It's work. You have to keep all the plates spinning. If I retired and quit working it would all go away real quick. It ain't a retirement plan. Unless you are ignorant.

You should retire just like everyone else retires. Put money back for your retirement every year. Invest it. Or buy annuities. Or stick it in a matteress. But just put it back every year. If you're making six figures plus you should be able to stick $10,000 a year back anyway and still live nice. If you start young that will really accumulate. If you start later you have to stick a lot more back each year. But it's worth it.

Retirement savings should be one of your largest personal expenses. Don't be that guy that has the too expensive car, too big of house, flashy bling but no real money. Nothing beats having real wealth. Everyone with an insurance license can build real wealth. But only if you use your head.

You get rich slow. But you will get there.

Excellent post. When we bought our first home 7 years ago I thought that it would make a good rental property when we were ready to upgrade. It's time to upgrade now and the idea of having a 2nd job as a landlord doesn't excite me at all, I wan't to sell it and be done with it. I imagine that when I am ready to retire in 30 years I will feel the same way about my business.

 

[WinoBlues]

I was expecting an image of John Galt...

Ha, I don't think he drinks. He is like that sober B-D.

They should put that pic in a sticky at the top of the Religion and Politics forum. Oh, wait didn't they change the name of that forum?

 

[KRobby]

If you're closer to retirement, they also have retirement funds which will give you a reasonable risk in the market but enough in bonds so you'll stay safe in a recession.

Bonds inside funds certainly aren't that safe or a hedge, depending on ones risk tolerance of course. Rates go up those values plummet...

 

[marcque]

Bonds inside funds certainly aren't that safe or a hedge, depending on ones risk tolerance of course. Rates go up those values plummet...

You're correct, thank you, and that's something I didn't consider. I'm in my 20's and all I really know is that by investing my money, I'm doing better than just holding it in a savings account. I've still got a lot to learn.