Scott Leonardi discusses the importance of guaranteed income
Listen to the interview on the Business Innovators Radio Network: Interview with Scott Leonardi Founder of Complete Solutions Discussing Guaranteed Income – Business Innovators Radio Network
In this episode of Influential Entrepreneurs, host Mike Saunders welcomes back Scott Leonardi, founder of Complete Solutions, to discuss the concept of guaranteed income. The conversation highlights the importance of cash flow in retirement planning, emphasizing how guaranteed income can serve as a stark contrast to the volatility and risks often associated with traditional income sources. Scott shares insights on the evolution of retirement income planning, including the fading influence of pensions, and stresses the significance of understanding what money is coming in and going out throughout one’s life.
In today’s unpredictable financial landscape, guaranteed income has emerged as a cornerstone of effective retirement planning. As discussed in the podcast episode featuring Scott Leonardi, founder of Complete Solutions, guaranteed income provides essential financial stability and peace of mind for retirees, particularly in the face of market volatility.
- Financial Stability: Guaranteed income serves as a safety net for retirees, ensuring a consistent cash flow to cover living expenses. This is increasingly important as traditional sources of retirement income, such as pensions, have become less common. With many companies eliminating pensions, retirees must rely on alternatives like 401(k) plans, which require individuals to actively save and invest. This shift places the responsibility on retirees to create their own income streams, making guaranteed income even more vital.
- Peace of Mind: The assurance that comes with guaranteed income can significantly reduce the stress associated with retirement. As Scott points out, when individuals know their essential expenses are covered by a reliable income source, they experience less anxiety about their financial future. This peace of mind allows retirees to enjoy their retirement years without the constant worry of market fluctuations affecting their savings.
- Contrast with Market Volatility: The podcast highlights the stark contrast between guaranteed income and the risks associated with market investments. Many retirees may be tempted to withdraw a percentage of their retirement savings each month, often based on the outdated 4% rule. However, this approach can lead to significant financial risks, especially during market downturns. By relying on guaranteed income, retirees can avoid the pitfalls of withdrawing from their principal during unfavorable market conditions.
Scott explained: “People should not put every dime they have in a generic annuity they found online. People should have plans custom-fit plans, based on their situation”.
Scott emphasizes the importance of converting a portion of retirement savings into guaranteed income through various financial products, particularly annuities. Annuities can provide a steady stream of income for life, akin to a personal pension. This approach allows retirees to lock in a guaranteed monthly payment, which can be especially beneficial when combined with Social Security benefits.
- Types of Annuities: Several types of annuities can be utilized to create guaranteed income:
- Fixed Annuities: These offer a guaranteed return and principal protection, similar to a bank CD, but often with higher interest rates.
- Equity-Indexed Annuities: These link returns to a stock market index, providing the potential for higher returns while protecting against losses during market downturns.
- Variable Annuities: These can offer growth potential linked to market performance but come with more risk and complexity.
- Holistic Planning: Scott advocates for a holistic approach to retirement planning, where guaranteed income is just one component of a broader financial strategy. By diversifying investments and incorporating guaranteed income products, retirees can create a balanced portfolio that mitigates risk while ensuring financial security.
About Scott Leonardi
Scott Leonardi began serving families in 1995 as a licensed Life & Health insurance agent. In 1998, he founded Complete Solutions, a holistic planning firm dedicated to helping individuals and business owners protect their future. As a Certified Financial Fiduciary® and member of the National Association of Certified Financial Fiduciaries, Scott is committed to putting his clients’ best interests first.
A passionate advocate for financial education, Scott co-authored *Don’t Go Broke in a Nursing Home* to help people avoid costly mistakes that threaten their life’s work. His mission is to align insurance coverage with each client’s unique needs and lifestyle.
Outside of work, Scott enjoys time with his wife, five children, one granddaughter, and three Dobermans—and continues to campaign for that family boat.
Learn More: https://www.completesolutions.insure/
Recent Interviews and News:
Scott Leonardi discusses What Can Mess Up Good Retirement Plans: Scott Leonardi, Founder of Complete Solutions, interviewed on The Influential Entrepreneurs Podcast, Discussing What Can Mess Up A Good Retirement Plan – Authority Press Wire
