EP96:Safe Money: Your Map To Retirement | MOVE
The Alliance MOVE: Principles For Getting The Best Results
English - September 15, 2022 19:16 - 1 hour - 99.4 MB - ★★★★★ - 13 ratingsCareers Business Entrepreneurship leadership thealliance andyalbright business motivation move nationalagentsalliance success Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
On this episode of Andy Albright's MOVE, you'll learn about the power of owning an annuity product and how it can help set you up for retirement.
Ulpian, who is considered by many to be The Father of the Life Table, or the actuarial table, was standing in the palace of the Emperor as a mob became louder and louder and more unruly. This happened often in ancient Rome. The underclass knew how to stick together to get better treatment from the upper class. Suddenly, the Praetorian Guard, the Secret Service of Ancient Rome, turned on Ulpian and he was assassinated in the chaos. The year was 228.
His work is still here, almost 1,800 years later. Annuities of all kinds depend on the life table, or actuarial that Ulpian is believed to have first conceived. It is ironic that a soldier killed him because some of the first annuities, based on life expectancy, were set up to pay the soldiers of the Roman Empire.
The word “annua” is Latin and refers to annual stipend. Ulpian conceived an idea of measuring life expectancy with his life tables.
The annuity is not welfare. “To each his own” is a basis for self-reliance and annuities through the century have a culture of responsibility to yourself. The idea that pools of money would be used to pay for soldiers, and other “workers” in Rome is certainly not welfare because you were expected to pay in to the pool to get some guarantee of income.
Here is the other bedrock that comes from the Romans.
The jobs in Rome included farmers, doctors, engineers, architects, teachers, shopkeepers, craftsmen, soldiers, sailors, fisherman, writers, poets, musicians, statesmen, bankers, traders, merchants, accountants, government officials, smiths, jewelers, construction workers, temple workers, entertainers, and others.
Doesn’t that sound a little bit like today’s multi-level workforce. The annuity, you see, was created for a broad class of people and occupations.
Scholars believe the Romans had lifetime income strategies that were the basis of the Single Premium Immediate Annuity structure used today
The ideals of annuities have lasted for centuries. It is a culture of looking out for the long haul and having some guarantee of return. This culture has withstood world wars, famines, disease, governments being overthrown, and all manner of human calamity.
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