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Life Insurance as an Alternative to a Non-deductible IRA – Reason #5: Maximizing Social Security Income

The coming tax season is a perfect time to help your high-income clients assess the options available for their additional savings.

In a series of 6 back-to-back blogs we illustrate 5 key reasons why cash value life insurance can be a powerful savings vehicle when compared to other retirement income sources, especially a non-deductible IRA:

  1. Replacing the Post-Retirement Income Gap
  2. Diversifying Taxes at Retirement
  3. Cushioning a Market Downturn
  4. Guarding Longevity
  5. Maximizing Social Security

Today we flesh out Reason #5


Life Insurance as an Alternative to a Non-deductible IRA – Reason #4: Guarding Longevity

 
The coming tax season is a perfect time to help your high-income clients assess the options available for their additional savings.

In a series of 6 back-to-back blogs we illustrate 5 key reasons why cash value life insurance can be a strategic savings vehicle when compared to other retirement income sources, especially a non-deductible IRA:

  1. Replacing the Post-Retirement Income Gap
  2. Diversifying Taxes at Retirement
  3. Cushioning a Market Downturn
  4. Guarding Longevity
  5. Maximizing Social Security

Life Insurance as an Alternative to a Non-deductible IRA – Reason #3: Cushioning a Market Downturn

 

The coming tax season is a perfect time to help your high-income clients assess the options available for their additional savings.

In a series of 6 back-to-back blogs we illustrate 5 key reasons why cash value life insurance can be a powerful savings vehicle when compared to other retirement income sources, especially a non-deductible IRA:

  1. Replacing the Post-Retirement Income Gap
  2. Diversifying Taxes at Retirement
  3. Cushioning a Market Downturn
  4. Guarding Longevity
  5. Maximizing Social Security

Today we flesh out Reason #3


Life Insurance as an Alternative to a Non-deductible IRA – Reason #2: Diversifying Taxes on Retirement Income

The coming tax season is a perfect time to help your high-income clients assess the options available for their additional savings.

In a series of 6 back-to-back blogs we illustrate 5 key reasons why cash value life insurance can be a powerful savings vehicle when compared to other retirement income sources, especially a non-deductible IRA:

  1. Replacing the Post-Retirement Income Gap
  2. Diversifying Taxes at Retirement
  3. Cushioning a Market Downturn
  4. Guarding Longevity
  5. Maximizing Social Security

Today we flesh out Reason #2


Life Insurance as an Alternative to a Non-deductible IRA – Reason #1: Replacing the Post-Retirement Income Gap

 

The coming tax season is a perfect time to help your high-income clients assess the options available for their additional savings.

In a series of 6 back-to-back blog posts, we illustrate 5 key reasons why cash value life insurance can be a powerful savings vehicle when compared to other retirement income sources, especially a non-deductible IRA:

  1. Replacing the Post-Retirement Income Gap
  2. Diversifying Taxes at Retirement
  3. Cushioning a Market Downturn
  4. Guarding Longevity
  5. Maximizing Social Security

Today we flesh out Reason #1.


Life Insurance as an Alternative to a Non-deductible IRA? 5 Reasons Why

 
Planning for retirement income is a key priority for many pre-retirees between the ages of 40-65.

Social Security and employer-sponsored qualified plans may not provide sufficient income to replace a suitable portion of pre-retirement earnings. Once high-income earners reach their contribution limits to an employer-sponsored plan or an IRA, planning strategically for additional savings becomes critical.

Included in the planning process should be an assessment of all available savings vehicles and how the features of each compare to one another relative to:

  • deductibility of contributions
  • tax-deferral of growth
  • contribution limits
  • withdrawal rules and penalties
  • insurance charges
  • susceptibility to market risk
  • coverage for unpredictable healthcare costs

The question then becomes, which savings vehicles to use? Does a non-deductible IRA make sense? Maybe.

Might a cash value life insurance serve as a strategic alternative to a non-deductible IRA? It may.

The coming tax season is a perfect time to help clients assess the options available for their additional savings and to illustrate the flexibility and versatility of cash value life insurance to supplement retirement income.


2019 Numbers You Need to Know

2019 numbers you need to know

As you build your 2019 business plans, keep in mind the following inflation-adjusted figures that help to put planning strategies in context.


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