World Financial Group

Social Security benefits will be depleted by 2034 due to the Covid-19 pandemic. What do you have in place to sustain you and your family during retirement?

Comment "Me" for a free consultation!

8 Ways Millennials Accidentally Ruin Their Finances 8 Ways Millennials Accidentally Ruin Their Finances Manage Money  -  Save Money Last updated Oct 7, 2020 | By FinanceBuzz Editors FinanceBuzz is reader-supported. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation...

Roth IRAs have 2 advantages.
· It accumulates tax free.
· You can take it out tax free.

Life Insurance has those same two benefits plus more.

Ex: You can put 250k into a life insurance policy and have the flexibility to take out 200k in little to no time without penalties. With Roth accounts there are restrictions on how much money can be contributed at one time, not to mention, any funds removed will incur penalty fees.

With life insurance contracts it’s tax free and have been like that long before Roth’s were created in 1997. Another noteworthy benefit about life insurance is that, it mimics the stock market but is not of the market, so you do not have to worry about losing gains (ALL GUARANTEES). However, IRAs and 401Ks are tied to the market and can lose money.

CPAs and Tax Attorneys are well informed about the max funded insurance strategies where you can put in large amounts. If you put in 100k, 200k, or 300k, into this kind of policy and then only put in 10 or 20k thereafter, in future years you make up for the room you did not use. With Life Insurance you have the flexibility to access your money and bypass the Roth 5-year rule and 59 ½ rule to access your funds. In the event, you passed unexpectedly (lord forbid) every million you have in the policy would double and transfer tax free to beneficiaries. There is not a Roth around that will do that.

Comment below if this information was helpful.

Falling short financially in retirement is a major concern among working Americans.

But wealthier Americans are worried, too

Learn how to mitigate market risks associated with your retirement for Free! Click the link in the bio and a licensed financial professional will be on standby to answer any questions you may have.

Half of Americans With Incomes Over $100,000 Fear They'll Never Retire | The Motley Fool It's not just lower earners who worry about retirement.