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You could provide an income tax-free death benefit for the people who depend on you?
You could defer taxes as your accumulated cash value grows?
You could potentially access that cash value using income tax-free policy loans and withdrawals, to use for retirement income or other needs?
After-Tax Strategy….When you set aside a portion of your after tax income into an account for retirement, you are paying taxes annually on any earnings. An example of this type of savings is a Certificate of Deposit.
Tax-Deferred Strategy…If you put some of your after-tax income into a retirement account, the money in that account can grow without being taxed. But when you retire and start taking money out of the account, you'll have to pay taxes on the money that grew while it was in the account. A Non-Deductible IRA or an annuity is an example of this type of savings.
Pre-Tax Strategy…Your retirement savings plan might include an employer-sponsored qualified retirement plan, such as a 401(k) or 403(b) plan. With these types of plans, you do not have to pay taxes on the contributions made to the plan, and the earnings grow tax-deferred. When you take retirement income from these types of plans, the benefits are income taxable.
Tax-Free Strategy…The Tax-free Strategy is similar to saving a portion of your after-tax income and allowing the earnings to grow tax-deferred. Retirement income is received tax-free. A Roth IRA is an example of this type of savings. Another type of financial vehicle is permanent life insurance.
Taxed now, or when you need it?
If you save on a before tax basis, such as a Traditional IRA, your contributions are usually tax deductible. However, all income received from this account will be taxed as ordinary income. If you make a withdrawal prior to age 591/2, you may incur an additional 10% penalty. This leaves you exposed to potentially higher future tax rates. If you believe taxes are going up this could be devastating to your retirement income. In this example, you are taxed on the harvest.
The contributions to a Roth IRA are taxed before they are deposited, but both the contributions and the earnings may be tax-exempt. This can help protect you from future tax rate increases.
What do you think future taxes will look like?
What you think about the future economy can have an impact on how you save today…
i) A qualified plan or Traditional IRA makes a lot of sense. If you think future tax rates will be lower, then saving today on a pre-tax basis is beneficial to your strategy.
ii) You may want to consider a tax-free retirement strategy such as a Roth IRA or permanent life insurance. Especially If you think future tax rates will be higher.
A Closer look at tax-free strategies…
ROTH IRA's are a Good choice…if you qualify. In order to contribute to a Roth IRA
your adjusted gross income must be below a certain threshold. Also, even if
your income is below the threshold the total amount you can contribute is
limited and could phase out should your income increase.
What if you want to save more or can't qualify for a ROTH IRA?
Permanent Life Insurance may be an option for you, Permanent life insurance provides death benefit protection and also allows you to build up tax-deferred cash value that can be accessed during your lifetime to generate a stream of tax-free retirement income.
Permanent Life Insurance Provides:
• Tax-deferred build-up of cash value
• Potential for tax-free retirement income
Income tax-free death benefit
How Permanent Life Insurance Works
Added Benefits of Permanent LIfe Insurance-The Tax-Free Retirement strategy
In case of untimely death, the tax-free death benefit can help fund your spouse's retirement goals.
-Emergency Funds Available
Accelerated Benefit Riders are an option you can elect into when purchasing an insurance plan or annuity. They allow you to access all or part of your death benefit to help pay for costs associated with a terminal, chronic or critical illness.
A Waiver of Premium Rider is a benefit provided by some insurers to policyholders upon proof of disability. Whereas the Benefit Rider allows the policyholder to receive payments from the insurer during the life of the policy, the Waiver of Premium Rider allows the policyholder to receive payments from the insurer for a certain period of time, regardless of any work status.
What's the best strategy for you?
Although a Roth IRA can be a great tool for many people, there are some restrictions on how much you can contribute and how much income you are allowed to have in order to qualify for one.
Permanent Life Insurance might Be The Answer!
Life insurance has many uses. It can be a death benefit for someone who is financially dependent on you. In addition, if you have cash value, you can lose money in investment accounts, but the money can be withdrawn tax-free by the owner of the policy. Premiums are determined based on the amount of coverage you need and distributions, through tax-free withdrawals and loans, can generally be taken after your first policy anniversary.
A combined strategy may be best suited for you…
If you are eligible to contribute to a Roth IRA but want to set aside more money than the contribution limits allow, you may want to consider both a Roth IRA and permanent insurance. You can contribute the maximum amount allowed to your Roth IRA, and then apply the excess amount to your permanent insurance policy.
Your insurance agent can help you determine the best coverage to meet your goals.
Financial & Retirement planning by age
Retirement at any age
With Technology and medical advancements we are living and working longer, there's no better time to get a plan in place.
With retirement years away, it might be the last thing you are thinking of, certain steps can be taken today to maximize your retirement and stability for tomorrow
How It Works ?
We have a simple 3 step process that helps walk you through the process, Step 1 is to Request a free no-pressure quote, you'll receive current rates of growth and get more information on the companies we believe can help you. Step 2 is to consult with a professional on your specific case, this can be done in person, by phone and/or Zoom video chat, usually takes 20-30 minutes to establish your needs and strategize your future goals. Step 3 is to receive the policy, this is where your agent will sit with you and explain your policy, expected growth and notify your beneficiaries of what to do if needed. This process is simple
Request a free quote and discover current rates and companies.
Consult with a professional to discover your ideal financial plan and start the process.
Your Agent will Deliver your policy, explain how it works and notify your beneficiaries.
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What Our Client Say
With 30+ years of experience in the industry, you can trust the annuities foundation for all of your financial and retirement needs. Wheter your'e planning for retirement soon or it's years away the annuities foundation can help with rates from multiple carriers. Here's what previous users had to say about the annuities foundation organization.
They helped me identify my needs and put me in contact with a professional local agent to set up a customized retirement strategy with tax benefits and lifetime income!
The Annuities foundation has been a huge help in educating me on my options, they even set me up with a local agent to strategize for my needs with my family's legacy in mind!
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