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Topic Personal Pension: Signing Up

Personal Pension: Signing Up

How do I know if the Personal Pension is a good fit for me?

The Personal Pension may be right for you if:

  1. You are more than 5 years from retirement,
  2. You want a guarantee for a portion of your retirement savings,
  3. You don’t currently have a traditional employer pension – or if you do have one, it’s not large enough, and
  4. You are healthy and plan on living a long life.

Personal Pension: Signing Up

What is the enrollment process?

Our 6-part online enrollment takes approximately 10 minutes to fill out. The information collected is only provided to the insurance companies backing your Personal Pension and is 100% confidential. After submitting the online enrollment, a member of our team will follow up with the official insurance company paperwork for you to sign.

 

We recommend having the following information available to complete your application:

  1. Personal information, including your address, phone number, SSN, place of birth;
  2. Financial information, including your income, expenses, assets, debt, and any existing life insurance or annuities you own;
  3. Driver’s license; and
  4. Bank account or IRA information.

Personal Pension: Signing Up

Where does the money come from to fund my Personal Pension?

During the enrollment process you will choose the source of funds for your Personal Pension. Your options include: savings, checking, or brokerage accounts, as well as your Traditional IRA, Roth IRA, or Rollover 401(k) accounts. Using post-tax money will create a standard non-qualified Personal Pension. Using pre-tax money will create a qualified Personal Pension. Please refer to the tax section below for how this can affect your future income payments.

Personal Pension: Signing Up

How does my money get transferred to the insurance company?

The paperwork we provide the insurance company includes a “request for transfer” form. This form is then sent from the insurance company to the financial institution holding your money, which initiates a transfer from your account to the insurance company. This process takes 2-4 weeks.

In addition, if you’re planning future, automated contributions, your paperwork will include an authorization form to make those contributions happen automatically.

Personal Pension: Signing Up

Why does the insurance company need my financial information?

Insurance companies collect financial information, such as your income, expenses, assets, and net worth, from those interested in purchasing annuities. They use this information to ensure that an annuity makes financial sense for someone. Specifically, since it is illiquid, the insurers want to see that individuals have enough liquid assets outside of those being used to fund the annuity.

Personal Pension: Signing Up

Do I need to run this by a financial advisor?

If your financial advisor is a licensed fiduciary, we won’t say no. But know that we’re licensed fiduciaries too. You can ask us about your greater financial picture and we will give it to you straight when it comes to evaluating whether a Personal Pension or annuity makes sense for you. Also, know that annuities traditionally get bad press, so your advisor could jump to conclusions. But that’s simply because the media doesn’t usually differentiate between the good and bad annuities available on the market. We only work with the good kind, both for our traditional annuity business and the Personal Pension.

Personal Pension: Signing Up

How much money do I need to start a Personal Pension?

The Personal Pension requires a $5,000 starting contribution. This minimum is set by our insurance partners, and we’re actively working on lowering it!

Personal Pension: Signing Up

What does it mean to sign up for the Personal Pension?

After customizing a Personal Pension, you are ready to sign up! You’ll complete the enrollment online, which includes telling us where you’d like your Personal Pension deposits to come from. Once we’ve submitted your information to the insurance company, you’ll have a guaranteed retirement paycheck that you can’t outlive. And, each time you add more money to your Personal Pension, you’ll be increasing your guaranteed retirement paycheck.

Personal Pension: Signing Up

What is the Diagnostic Tool?

The Diagnostic Tool is a 5-step process to see what retirement income looks like for you.

  1. You start by entering the basic personal information we need to get quotes from our insurance partners.
  2. Then, you’ll set a goal for how large your Personal Pension should be. The younger you are, the less this goal matters because you’ll most likely be changing it over time. But it’s always good to have a goal!
  3. Our technology then allows us to survey our insurance partners and find the best option for you. We’ll show you first what an initial $5,000 deposit will guarantee you.
  4. Next up is your plan for the future, i.e. what’s a good amount to contribute on an ongoing basis to get to your goal.
  5. Last up, you’ll save your information by creating an account. Then, we’ll confirm your information and help you fill out the online application if you haven’t done so already.