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Tax Free Retirement Paperback – 2007

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Product Details

  • Paperback: 173 pages
  • Publisher: Patrick Kelly (2007)
  • Language: English
  • ISBN-10: 1425110827
  • ISBN-13: 978-1425110826
  • Product Dimensions: 22.9 x 15 x 1.3 cm
  • Shipping Weight: 249 g
  • Average Customer Review: Be the first to review this item
  • Amazon Bestsellers Rank: #486,245 in Books (See Top 100 in Books)
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Tax-Free Retirement

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Most Helpful Customer Reviews on (beta) HASH(0xa60b769c) out of 5 stars 145 reviews
61 of 66 people found the following review helpful
HASH(0xa627d168) out of 5 stars I wish I'd read this book sooner April 18 2010
By Niki Collins-queen, Author - Published on
Format: Paperback
Universal Life Insurance is Patrick Kelly's answer to a "Tax-Free Retirement" if you earn over $160,000 and want to save more than $4,000 per year. He says a Roth IRA is better if you save less than $4,000 a year, have no need for life insurance and are close to retirement. Individuals who are close to retirement may not have enough time before the withdrawal phase to properly fund the insurance option.
Kelly says Universal Life Insurance can be structured to work similar to a Roth IRA as the taxes are paid upfront from your paycheck. Both generate interest, allow tax-free withdrawals of earnings after 59½ , don't require minimum withdrawals after age 70½ and the account can be passed on to heirs where they won't owe a penny of tax.
The LIVING benefits of Universal Life Insurance are many. Clients can take out a loan against the cash value with little or no interest and do not need to pay it back during their lifetime as long as they stay under the contribution maximum. This means the first amount of money withdrawn can come out tax-free as a withdrawal up to the total contribution amount. The rest of the money can be taken out as a loan (tax free) from the insurance company for ½ % to 0% interest. (The client is charged 5% interest for the loan and their Life Insurance Policy earns 5% interest.) Since it's a tax-free death benefit it is important that the policy stay in force until the client's death. If the life insurance is used properly there is no need for record keeping or tax forms.
Kelly also shows how to avoid the nine common financial landmines: Planning, procrastination, interest, instant gratification, following the masses, inertia, get rich quick, lack of generosity, acting as if there's no future.
I wish I'd read this book sooner. I'd have chosen a Roth over a traditional IRA.
102 of 114 people found the following review helpful
HASH(0xa627d570) out of 5 stars Tax Free Retirement March 13 2009
By Book Worm - Published on
Format: Paperback
I am not an insurance agent or an affluent investor, but was given this book by my financial advisor who wanted me to make up my own mind on utilizing a Univeral Life Insurance policy for more than just the death benefit.
I was very suspicious at first, wondering why he did not just direct me towards a mutual fund or something more 'sophisticated sounding.'
This book was very easy to comprehend and a breath of fresh air.
Kelly doesen't talk over your head, and for once financial advice that makes perfect sense.
Every hardworking person (middle class especially)should read this book.
We are spoon fed our retirement options (401k's and 403b's) and we HOPE that we are doing what's in the best interest of our family and our future.

Kelly asked one question in this book that sent bells off in my head: (paraphrasing) Based on the current and potential future tax implications why is saving all my money in a Tax Deferred account a good thing? Furhter, who's retirement am I saving for, mine or the governments?
33 of 37 people found the following review helpful
HASH(0xa627d5e8) out of 5 stars Advisor March 17 2011
By GTFOXNARD - Published on
Format: Paperback
Unfortunately most opinions that put down on Permanente Life Insurance are not from a credible advisor. They really don't know what they are talking about or they got their information from their friend the mechanic. Or maybe they are sold on selling just one investment. Most opinions are worthless for lack of credible investment knowledge with no real proof of what they are saying here.
There is a place for every investment, and every investment has a place, including Permanente Life insurance. Over funding Permanente life insurance gives the client several options that other investments just don't have. Death benefit protection for the family, liquidity, use and control at all ages, has safely averaged 5% to 8% annual tax deferred and tax free growth, and has tax free distributions. I am an advisor and have sold and bought myself just about every investment there is. And I can tell you with certainty that in the last 11 years nothing has come close (with safety of principal) to the returns of over funded life insurance. In the last 11 years most of our clients that have max funded Indexed Universal Life Insurance as an investment strategy have averaged well over 6% annual returns tax free. There are at least 10 A rated insurance companies that offer a 100% participation of the upside potential of the S&P 500 up to 14%, and a 0% down side risk. What other investment has that kind of returns with safety of principal tax free in the last 11 years? I challenge anyone with credible proof to refute what I just wrote. You must; quote me the investment, the insurance Company, the years of the investment, and the returns on that investment or policy, or as far as I am concerned, and as everyone else should be, you're just not a credible source of information. By the way I'll give you two insurance companies that I used for my credibility: Minnesota Life and Penn Mutual, and they have both done very well. Get in touch with a credible insurance agent/advisor and ask him to run illustrations for the last 11 years. Good luck
10 of 10 people found the following review helpful
HASH(0xa627d978) out of 5 stars This book is just a sales pitch. Aug. 23 2015
By Impska - Published on
Format: Paperback
I'm surprised to see so many good reviews. I found this book lacking for the following reasons:

1. In order to sustain his argument that tax-deferred retirement savings is bad, he makes several scare-tactic assumptions about future tax rates. At one point, he suggests that estate taxes will eat up 85% of an inherited IRA or 401k. Estate taxes are nowhere near 85% and he totally ignores the millions of dollars of estate tax exemptions.

2. The whole illustrative premise of the book is that the example character is managing to max out his 401k while making $250k a year, but can't seem to scrape together any other savings. But somehow, when he retires, he won't spend his retirement savings and then will have accumulated so many millions of dollars that he'll be subject to estate tax rates that have risen to fictitional levels. Despite having all of this money that subjects him to estate taxes, he failed to notice or plan for estate taxes.

3. Despite the fact that the example character saves less than 7% of his income (that's the math on maxing out your 401k with $250k in income in 2007, when this book was written), the solution to all of his problems is to stop investing in his 401k and put all his money in permanent life insurance. He will then borrow against the permanent life insurance to pay for obnoxiously high private college tuition for three children, but still somehow have the cashflow to keep the permanent life insurance active and well-funded into his golden years. Somehow, I doubt that someone with the kind of spending habits of this illustration is actually going to manage to make that work.

4. He totally ignores the fact that tax-deferred savings gives workers more money to invest and grow on the front end. Instead of addressing this, he simply invents new future tax rates that will be much higher than today's to bolster his argument against tax-deferred savings. He does not address the fact that by eschewing tax deferred savings in favor of permanent life insurance, the saver actually has fewer dollars to invest in permanent life insurance (not the same amount).

5. Ok - so let's assume we're all on board with tax-deferred savings being awful for everyone. He then mentioned, but ignores ROTH 401ks - stating that they are unpopular, so not worth discussing. Well, they're a lot more popular now, so I guess there's no more need for permanent life insurance? He ignores Roth conversions. He ignores Backdoor Roths. Now granted, we're getting into some advanced tax planning here - and this author is a life insurance salesman, not a tax planner, and not an estate planner. So I suppose we should forgive him for having probably never heard of a Backdoor Roth - except I don't forgive him, because he wrote an ignorant "tax-planning" book designed to sell permanent life insurance.

6. He totally ignores high commissions and fees. He makes a vague mention of 401k fees, insinuating that they are "high." But mysteriously, the expenses associated with permanent life insurance are so insignificant that they don't bear mentioning! Which is pretty laughable.

7. He touches on the fact that "in the past," universal life may have gotten a bad rap because people were sold universal life policies that had unrealistic projections. He does not address that people continue to be disappointed in their universal life policies. He does not offer any substantive reason why we should believe that insurance salespeople have gotten better at offering realistic projections. Certainly, none of the interest rates or tax rates offered by the author in this book are realistic in any way.

Here's my advice: Don't get your tax planning advice from an insurance salesperson.
17 of 20 people found the following review helpful
HASH(0xa627dab0) out of 5 stars Educational Book Feb. 17 2010
By E. Davis - Published on
Format: Paperback
The story of Bill really hit home with me. His salary was $150,000 a year and saved for his retirement by overfunding his 401K. Like many of us, he thought he was doing the right thing. Sadly, his 401k imprisoned his money with tax implications. I couldn't believe he was unable to use it to pay for his kids' college tuition, without a hefty tax penalty that is. But, I have to admit I was pretty impressed with the $3 million he saved in his 401k at retirement. However, after reading the entire story to find out his kids only received about $150,000 of his $3 million estate made me think about 401k's totally different. I am thankful I finally know where to put my money to protect it. This book was very educational.

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