The Personal Pension may be right for you if:
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:
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.
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.
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.
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.
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!
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.
The Diagnostic Tool is a 5-step process to see what retirement income looks like for you.