The Perpetual Income Stream
Updated: Dec 9, 2019
Hi, I'm Danny Rondberg from the Retirement Research Foundation. Today, I want to talk about something that's very close to my heart and is very exciting for all the grandparents out there that may have charitable intentions in their hearts or want to do something extremely special for their favorite grandchild. In this video, we're going to talk about a meaningful gift that you can do to set up for your grandchild where they'll remember your legacy forever.
I'm talking about a story from a book written by economist, Tom Hegna, in which he talks about John D. Rockefeller. Before we start this story, let me give you a little bit of an exercise to do. Get a sheet of paper and a pen. At the top of the sheet of paper write down your four grandparents' names.
Below that, write down your eight great-grandparents’ names. Include first and last names of all of them. Most people cannot even get through the grandparents, let alone the great grandparents.
Do you know whose name will never be forgotten by his great grandchildren? John D. Rockefeller. Why is that? John D. Rockefeller set up a guaranteed lifetime income stream for his great-grandchildren where a check comes to them every single year with his name on it. How did he set up a perpetual income stream for generations to come? You use a guaranteed lifetime income annuity with joint life payout. You, too, have access to set this up.
How did he set up a perpetual income stream for generations to come? You use a guaranteed lifetime income annuity with joint life payout.
Go to an insurance company and create a guaranteed lifetime income stream that will pay out for all of your life and all of the joint life that you designate on the policy every single year. How special will it be for your grandchildren or your great grandchildren to receive a check on their birthday from you for the rest of their lives? They will be excited to get a check for $500, $1,000, or more every year. They will remember you forever, and it's such a beautiful sentiment that you have the ability to create.
I share a fun story and a phenomenal tool and strategy from one of Tom Hegna's books in this video. If you have questions or want more explanation on specific details or have other videos you would like us to help create, please feel free to reach out in the comments section below.
As always, I'm Danny Rondberg from the Retirement Research Foundation. Thanks for coming by.
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