Is that possible? Yes it is. Most people think about retirement in the traditional way, get a job and open a 401K and hope it grows, not understanding the rules of how these work and the future taxes you’ll have on them.
Is there an alternative? One is a Roth IRA but you’re limited on the annual amount you can contribute and also, if you make passed a certain amount of income, you can’t place anymore money in them. Imagine people in the higher tax bracket, they’re not allowed to place their money in these accounts, which can also make you lose money.
The alternative is a life insurance policy, but also which one? Different “experts” will pitch in what they want to sell you and won’t tell you about the alternatives. The common one is Wholelife, where they paint you this picture of unbelievable returns only to find out you’re barely making any money. There’s also Universal Life, a little bit better than Wholelife. But the market has improved and in comes the Index Universal Life. Since I work with around 20 different providers, I can’t tell you what interest rate is for each company, but I can tell you, in summary, it has a guarantee not to lose and it can earn you somewhere around 15% rate of return. And what if I told you to borrow money from this policy you only got charged around 1% and you weren’t obligated to pay it back? Sounds too good to be true? Could be, because you also have to qualify for this plan!
I can definitely help you customize a plan for you within your budget as well, because everybody needs to plan sooner or later, but make sure it’s sooner!
Retirement Fanatic 