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Andy Panko: Financial Planning Demystified and Unemotional (TAM Classic)

Table of Contents

Andy Panko: Financial Planning Demystified and Unemotional (TAM Classic)

Stan Haithcock

March 12, 2024

Andy Panko: Financial Planning Demystified and Unemotional (TAM Classic)

In this episode, The Annuity Man and Andy Panko discuss:

How advisors should construct their fees
The complexity of decumulation
Making the plan as good as it can be
Cryptocurrency is a lottery ticket

Key Takeaways:

The work isn’t linear to the asset size; advisors shouldn’t make more money just because assets go up. In the same way, advisors shouldn’t be paid less just because the markets go down. They’re still doing the same amount of work and providing the same services.
Investment management, even good investment management, has become increasingly cheap, easy, commoditized to do and do well. Decumulation is much more complex.
Try to make the plan as good as it can be initially, accounting for unpredictable events. So try to structure your plan as best as possible to account for times of distress. Get all things working cohesively - it’s not just investments, insurance, real estate - it’s everything, including guaranteed lifetime income.
Cryptocurrency has zero intrinsic value. Its value is 100% on simple auction market pricing; it’s only worth as much as what someone is willing to pay for it. You can invest a small portion into it, but only if you’re comfortable that the value could go to zero. Treat it like a lottery ticket.

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"Most people can do accumulation well; it’s the decumulation where things get a little more tactical and complicated…" — Andy Panko.

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Connect with Andy Panko:

Website: Flat Fee Tax-Efficient Retirement Planning & Investment Management

Facebook: https://www.facebook.com/tenonfinancial

YouTube: Retirement Planning Education

LinkedIn: https://www.linkedin.com/in/andypanko/

Twitter: Andy Panko, CFP®, RICP®, EA (@TenonFinancial) on X

Fun With Annuities Podcast is hosted by America’s Annuity Agent®, Stan Haithcock, The Annuity Man®. Hear brutal annuity facts with no sales pitches from the top independent agent in the country, licensed in all 50 states. Author of 7 books, Stan dives deep on all annuity types and strategies. It’s fun, learning the contractual truths on how annuities actually work and if they’ll fit your personal retirement lifestyle.

Listen in on how you can be livin’ the reality, not the dream. Listen and subscribe on Libsyn, Stitcher, Apple Podcasts, Google Podcasts, Amazon Podcasts, and Spotify.

Stan The Annuity Man: Happy Birthday To QLACs

Stan The Annuity Man: Happy Birthday To QLACs

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Stan The Annuity Man: New Realities of Annuity Recommendations

Stan The Annuity Man: New Realities of Annuity Recommendations

"My grandfather always told me, ‘If you tell the truth, you don't have to remember anything.’ That is our business model." — Stan The Annuity Man.

059: FIA Insider Wears Mask to Protect Identity and Share Industry Secrets

059: FIA Insider Wears Mask to Protect Identity and Share Industry Secrets

I know every week, I'm out here gushing how awesome the celebrity co-host is, but THIS guy is a "can't fricken' believe he agreed to do this" kinda score.

Gary Baker: The Growth of Group and Fee-Based Annuities

Gary Baker: The Growth of Group and Fee-Based Annuities

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Jamie Hopkins: Retirement Planning And The Why That Makes You Cry (TAM Classic)

Jamie Hopkins: Retirement Planning And The Why That Makes You Cry (TAM Classic)

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Marcia Mantell: Cookin' Up Your Retirement Plan

Marcia Mantell: Cookin' Up Your Retirement Plan

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Terry Savage: The Savage Truth For Your Money in 2024

Terry Savage: The Savage Truth For Your Money in 2024

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Christine Benz: Avoiding Blind Spots in Your Retirement Portfolio Planning (TAM Classic)

Christine Benz: Avoiding Blind Spots in Your Retirement Portfolio Planning (TAM Classic)

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Chuck Jaffe: Top Money & Life Topics for 2024

Chuck Jaffe: Top Money & Life Topics for 2024

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Stan The Annuity Man: The Annuity Man Predictions for 2024

Stan The Annuity Man: The Annuity Man Predictions for 2024

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Tom Hegna: Don't Worry, Retire Happy! (TAM Classic)

Tom Hegna: Don't Worry, Retire Happy! (TAM Classic)

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Moshe Milevsky: Learning from History with Annuities

Moshe Milevsky: Learning from History with Annuities

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John Lenz: The State of The Annuity Union

John Lenz: The State of The Annuity Union

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Jack Lenenberg: Long Term Care & Rising Interest Rates

Jack Lenenberg: Long Term Care & Rising Interest Rates

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Stan The Annuity Man: The Only Thing Complex About Annuities Are the Sales Pitches

Stan The Annuity Man: The Only Thing Complex About Annuities Are the Sales Pitches

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Bill Black: Life Insurance Facts You Need to Know Now

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Stan The Annuity Man: The Psychology of Buying Annuities

Stan The Annuity Man: The Psychology of Buying Annuities

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Adam Van Wie: Fee-Only Planning Done Right

Adam Van Wie: Fee-Only Planning Done Right

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Larry Kotlikoff: "Maxifi" Your Retirement Planning

Larry Kotlikoff: "Maxifi" Your Retirement Planning

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Stan The Annuity Man: Simple Explanations of Every Annuity Type

Stan The Annuity Man: Simple Explanations of Every Annuity Type

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Owen Schrum: Game Planning for Your Retirement

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Terry Savage: Chicken Money Strategies That Work

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Stan The Annuity Man....Off The Annuity Cuff

Stan The Annuity Man®, a.k.a. Stan Haithcock is known as “America’s Annuity Agent®” and the top independent annuity agent in the United States. Licensed in all 50 states, he is recognized as one of the top thought leaders in the annuity industry. He is the founder of The Annuity Man® LLC, with office locations in Florida and Nevada.

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Jay Zawatsky: How Debt & Energy Connect

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Mark Iwry: Retirement Visionary & QLAC Champion

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Pam Krueger: Your Wealthramp to Fiduciary Advice

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Terry Savage: The Savage Financial Truth in 2023

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Bob Carlson: The Essential Guide to Retiring in 2023

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Jay Zawatsky: What really is money?

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Steve Parrish: Decoding Annuities in the Consumer's Mind

Steve Parrish: Decoding Annuities in the Consumer's Mind

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Mr. FIA-X: The Truth About Fixed Index Annuity Returns

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Branislav Nikolic: Annuities Are Math

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Fun With Annuities Podcast Celebrity Series

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101 Andy Panko: Financial Planning Demystified and Unemotional

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100 Michael Finke: Retirees Should Calculate to Not Be a Loser

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099 Terry Savage: 5 Ways to Get Out of the Financial Mess You Don't Even Know You're In

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098 Bill Black: Life Insurance Trends - Are Your Affairs In Order?

098 Bill Black: Life Insurance Trends - Are Your Affairs In Order?

Bill Black is considered the top life insurance expert in the U.S., and his over four decades of experience is unmatched.

097 Allan Roth: How A Second Grader Beats Wall Street

097 Allan Roth: How A Second Grader Beats Wall Street

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096 Owen Schrum: Crypto, The Fed and Other Things Not Said

096 Owen Schrum: Crypto, The Fed and Other Things Not Said

When you are one of the top personal money managers in the country, you have access to some of the top minds in the financial world. Owen Schrum’s status allows him to have conversations with the movers and shakers on Wall Street, which he then uses that insight to the benefit of his main street clients.

095 Gary Baker: Hot Buttons Being Pushed by the Annuity Industry in 2022

095 Gary Baker: Hot Buttons Being Pushed by the Annuity Industry in 2022

What a treat to have Gary Baker from CANNEX back on the podcast. I tease Gary that his nickname should be “Gary Baker…the Annuity Dream Maker” because he is literally behind the majority of lifetime income annuities purchased in the United States.

094 Jeff Miller: What's New With Social Security In 2022

094 Jeff Miller: What's New With Social Security In 2022

Jeff Miller continues to be one of our most popular guests because of his expertise on the Social Security topic. This podcast did not disappoint and is filled with incredible insight into what is happening with Social Security in 2022 and Jeff’s predictions for the future.

093 John Lenz: What You Need To Know About Annuity Laddering in 2022

093 John Lenz: What You Need To Know About Annuity Laddering in 2022

I consider John Lenz one of the top annuity minds in the country. His depth of knowledge is something that I respect and rely upon. I was so happy to have John on the Fun With Annuities Podcast again because we covered annuity laddering, a topic and strategy that people need to be aware of.

092 Ellie Saul: Mama Bear Speaks The Truth About Medicare

092 Ellie Saul: Mama Bear Speaks The Truth About Medicare

Thanks for joining us for another week! For a long time, I have been looking for a credible source for Medicare. I have found that person, so please help me welcome Ellie Saul to Fun With Annuities for podcast 092.

090 Michael Finke: Keys to Goal Based Retirement Planning

090 Michael Finke: Keys to Goal Based Retirement Planning

C'mon man! This week's co-host is wearing a QLAC hat. YOU KNOW we're going to love what he's got to say. Welcome, Michael Finke, to the Fun With Annuities podcast for episode 90. He is a Ph.D. and professor of wealth management at The American College of Financial Services.

089 Mr. FIA-X: The Empty Promises Behind Fixed Index Annuities

089 Mr. FIA-X: The Empty Promises Behind Fixed Index Annuities

Back by popular demand once again, Mr. FIA-X joins me on Fun With Annuities episode #89. Without a doubt, he is one of the most popular guests I have on because people are so interested in the FIA (aka: Fixed Indexed Annuity) topic and want to know the brutal truth.

088 David Blanchett: Retirement Income Investing in a Low-Yield World

088 David Blanchett: Retirement Income Investing in a Low-Yield World

A true "rock star" in the retirement planning world, welcome to the Fun With Annuities podcast David Blanchett, the managing director and head of retirement research at PGIM Solutions.

087 Jason Fichtner: Understanding A Changing Retirement Landscape

087 Jason Fichtner: Understanding A Changing Retirement Landscape

Fun With Annuities co-host # 87 is Jason J. Fichtner, Ph.D., vice president and chief economist at the Bipartisan Policy Center. His research focuses on Social Security, federal tax policy, federal budget policy, retirement security, and policy proposals to increase saving and investment.

086 Steve Parrish: Rational and Phased Retirement Planning

086 Steve Parrish: Rational and Phased Retirement Planning

Steve Parrish is a true thought leader, and it was great to have him on the podcast. He is the co-director of the Retirement Income Center at The American College of Financial Services.

085 Bob Carlson: The Good News and Gotchas Around Tax Wise Investing

085 Bob Carlson: The Good News and Gotchas Around Tax Wise Investing

With our “friends” in Washington, DC spending money at historic levels it’s common sense that taxes are probably going to go up and politicians will be targeting existing tax-saving strategies.

083 Jack Lenenberg: How To Qualify for Long-Term Care

083 Jack Lenenberg: How To Qualify for Long-Term Care

After Jack Lenenberg first appeared on the Fun With Annuities podcast, I was inundated with questions from people wanting to know if they could qualify for Long Term Care (LTC) coverage.

082 Terry Savage: Financial Realities Right Now

082 Terry Savage: Financial Realities Right Now

Welcome back to the mic Terry Savage for Fun With Annuities episode #82. I reached out to The MoneyLady®, Terry Savage, to hear her thoughts on the current market environment and her predictions and advice on how people can navigate these volatile times.

081 Tom Hegna: Mortality Credits Drive The Income Train

081 Tom Hegna: Mortality Credits Drive The Income Train

It’s great to have Tom Hegna back on the FWA podcast to talk about how "Mortality Credits" are the key to lifetime income pricing with annuities. He told a great story that simply explained how mortality credits work.

080 Jamie Hopkins: Retirement Planning and The Why That Makes You Cry

080 Jamie Hopkins: Retirement Planning and The Why That Makes You Cry

Young. Smart. The Future. The Truth. Jamie Hopkins fits all of those descriptions and is a true thought leader in the world of Retirement Income Planning. Jamie is a managing partner of Wealth Solutions, a finance professor at Creighton University, and has both an MBA and Law Degree.

079 Loren Feldman: Transition to Retirement as a Life Entrepreneur

079 Loren Feldman: Transition to Retirement as a Life Entrepreneur

We went aspirational with this week’s Fun With Annuities® Celebrity Co-host Loren Feldman, editor-in-chief of 21 Hats. When my PR team booked Loren for FWA episode #79, I was fascinated with his expertise in covering entrepreneurs for such titans as Forbes.

078 Wade Pfau: Retirement Income Style Awareness

078 Wade Pfau: Retirement Income Style Awareness

If there was an “Annuity Mt. Rushmore”, this week’s co-host Wade Pfau would be one of those infamous faces on the side of that retirement mountain. If there was ever a true retirement expert, it is Wade.

077 Dan Prescher: No U-Hauls Behind Hearses

077 Dan Prescher: No U-Hauls Behind Hearses

I really enjoyed having co-host Dan Prescher on the Fun With Annuities podcast #77 because his organization falls in line with my saying that “There’s no U-Hauls behind hearses!” In other words, you can’t take it with you, so enjoy life while you can.

076 Mr. FIA-X: Letters, Numbers, and BS Bonuses

076 Mr. FIA-X: Letters, Numbers, and BS Bonuses

Back by popular demand, Mr. FIA-X joins me on Fun With Annuities episode #76. When his interviews hit, I get a ton of emails from people who 1. Are trying to guess who Mr. FIA-X is, and 2. fans flooding me with follow-up questions.

075 John Lenz: The Annuity Mechanic says Live, Die, or Quit

075 John Lenz: The Annuity Mechanic says Live, Die, or Quit

I have come up with the appropriate nickname for John Lenz - The Annuity Mechanic. He can fix any situation, and he has seen everything over his 40-year career. As I said during the podcast, if there was such a thing as an "Annuity Room"

074 Kerry Pechter: Bermuda Triangle Retirement Zone

074 Kerry Pechter: Bermuda Triangle Retirement Zone

Welcome to the Fun With Annuities mic, a co-host who is crazy connected in the retirement income industry - Kerry Pechter. Kerry is the founder and editor of the Retirement Income Journal (RIJ), which recently celebrated its 500th issue.

073 Chuck Jaffe: Your Money and Your Life

073 Chuck Jaffe: Your Money and Your Life

Fun With Annuities Podcast Celebrity Series

072 Owen Schrum: When Free Ain’t Free

072 Owen Schrum: When Free Ain’t Free

So happy to have Owen back on the Fun With Annuities podcast to wake people up to the fact that free ain’t always free. As one of the top money managers in the country, Owen addressed the crisis that affects too many Americans.

071 Jeffrey Miller: Social Security Strategies Explained

071 Jeffrey Miller: Social Security Strategies Explained

Fun With Annuities Podcast Celebrity Series

070 John Olsen: Annuity Royalty Shares Wisdom thumbnail

070 John Olsen: Annuity Royalty Shares Wisdom

John Olsen is one of the handful, over the long history of annuities that I can honestly refer to as "Annuity Royalty." For anyone who knows John or has read his work, it's indisputable.

069 Mr. FIA-X: More Index Annuity Secrets

069 Mr. FIA-X: More Index Annuity Secrets

Mr. FIA-X joins us again on the Fun With Annuities podcast for episode #69 this week to reveal the secrets of how the “annuity sausage” is made. His first appearance set records for listeners and viewers, and the demand for more of his insights was overwhelming.

068 Tom Hegna: Don’t Worry, Retire Happy!

068 Tom Hegna: Don’t Worry, Retire Happy!

So happy that Tom Hegna joined me for Fun With Annuities episode #68. Tom is an expert on all things concerning retirement and retirement income. Together, we turn on a firehose of factual information on retirement and how annuities can properly be a part of your plan.

067 Bradley Birkenfeld: Whistleblower Still Exposing Corruption and Creating a Better System

067 Bradley Birkenfeld: Whistleblower Still Exposing Corruption and Creating a Better System

July 30th is National Whistleblower Day, so it is with incredible pleasure that we have Bradley Birkenfeld, the most influential financial whistleblower of all time, as #67 celebrity co-host this week.