In this episode, The Annuity Man and Terry Savage discuss: 

• What is "chicken money"?

• Considering future crises in your financial plan 

• Seeking trusted advisors 

• Building an income floor 

 

Key Takeaways: 

• Your "chicken money" is money that you can't afford to lose. CDs, treasury bills, money markets, AAA municipal bonds, and MYGAs are suitable options. MYGAs and CDs are great for principal protection and tax deferral benefits. Focus on having an income floor and principal protection in retirement plans. 

• It's important to consider possible future financial crises and plan for them, regardless of political outcomes. Social Security is a primary source of retirement income. 

• Seek trusted financial advice from fiduciaries who fully disclose costs and operate on a fee-only basis. See to it personally that you are able to customize your financial plan according to your goals. 

• Have an income floor to protect yourself against market fluctuations and ensure financial stability. Social Security is a strong foundation for retirement income. Build on it with guaranteed products. Consider both the short-term and the long-term in your financial plan. 

 

"Chicken money, by definition, is money you cannot afford to lose, and as such, it belongs in things like short-term CDs, treasury bills." —  Terry Savage

 

Connect with Terry Savage:

Website: https://www.terrysavage.com/ 

YouTube: https://www.youtube.com/user/TerryTalksMoney 

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

Twitter: https://twitter.com/Terrytalksmoney 

Facebook: https://www.facebook.com/The-Savage-Truth-190870517609983/ 

New Book Link: https://www.amazon.com/gp/product/1119645441/ref=pe_2313400_441222210_em_1p_0_lm

 

Connect with The Annuity Man: 

Website: http://theannuityman.com/ 

Email: [email protected] 

Book: Owner's Manuals: https://www.stantheannuityman.com/how-do-annuities-work

YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g 

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