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Annuity Expert Phil Wasserman of American Tax & Annuity Advisors provides advice pertaining to planning for retirement and what products investors should and should not own.

My hobby is playing tournament poker. I'm lucky enough to get to play once in a while with a lot of the people you see on television. The nice thing about tournaments is that you can only lose what you paid to enter.

A few months ago, I went very deep in a large tournament. I called a close friend of mine who finished second in the World Series of poker a few years ago. My friend was lucky enough and skilled enough to win almost $6 million at the age of 25. The purpose of my call was to ask him advice for the next day and he had one sentence for me…don't do anything stupid.

The more I think about this the more I realize this applies to retirement planning. Most people have won the game and they just need to enjoy retirement and not do anything stupid.

What they should really do is guarantee their income and make sure they have extra income if a spouse dies or a pension is lost. They should also make provisions for long-term care expense and home health care. After that…they should enjoy their retirement.

They should certainly avoid ridiculous products with very high fees like variable annuities and should always ask whoever they're dealing with what their fees are.

If retirees want to leave money to their children, they should do it through legacy planning because people are living longer than ever before and retirees might need their money for income while they are in their 80s and 90s.

I do income planning, legacy planning, long-term care, and home health care planning through the use of hybrid insurance products. I don't sell long-term care coverage but I can show you how to get it through a hybrid insurance product with no medical questions and no extra expense.

Around a year ago, Barron's published a great article about this and I'm happy to send you the link. Email me or call me and just remember don't do anything stupid and have a good time!

For more info:

Pwasserman@aol.com or 800-254-9567.

By Phil Wasserman of American Tax & Annuity Advisors

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