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Universal Life As A Tax Shelter
Anyone out there have any experience using Universal Life Insurance as a tax shelter in retirement? There seems to be a lot of conflicting information on this subject.
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Depends.
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To me insurance is for catastrophic occurrences only.
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Talk to your financial advisor, a lot will depend on your specific situation and WHO is saving the taxes.
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Do not know your needs. For me the last place I would look for a tax shelter would be an insurance company product. Look at a ROTH
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Life Insurance at our age.......................No, No, No.
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David McKnight wrote a book that you'd probably be interested in. I skimmed it and knew the life insurance route was not for me.
https://www.amazon.com/Look-Before-You-LIRP-Retirement/dp/153294358X His more well known book "The power of zero" is pretty good but again touches on the life insurance product which I just skimmed. I think the product I most like from him is his documentary movie "The Tax Train is coming". Here is a link: https://vimeo.com/484182601 |
No way no how. Anything beyond term insurance is a fraud.
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By no means is permanent insurance a fraud. It's a reasonable alternative and or addition to traditional investments IF personalized to your situation AND if you can pass underwriting criteria for insurability. Don't rule it out, simply speak to several advisors.
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Insurance (and annuities) make money for the seller! Not an investment.
Take time to read Paul Merriman’s 3 FREE ebooks. 1. First-Time Investor 2. 101 Investment Decisions 3. Get Smart or Get Screwed (read this first!) Found at paulmerriman.com He also has free suggests on investment strategies for taxable portfolios using Vanguard funds. |
Only when you really need the insurance for your partner or family. As above most of the whole life insurance is expensive because it goes towards commissions. If you check current rates for most people in our age bracket turn life can be 2,000 a month for 100,000 in value really ridiculous. I'd really suggest talking to an accountant versus the salesperson at an insurance company or a brokerage
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Roth is only is you have earned income. Transferring from an IRA you need to pay the taxes
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