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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: #247,998 in Books (See Top 100 in Books)
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Product Description

Tax-Free Retirement

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Most Helpful Customer Reviews on (beta) HASH(0x9afa7e64) out of 5 stars 158 reviews
67 of 74 people found the following review helpful
HASH(0x9b23b510) 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 This means the first amount of money withdrawn can come out tax-free as a withdrawal up to the total contribution amount.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.
106 of 120 people found the following review helpful
HASH(0x9afa7f78) 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?
37 of 43 people found the following review helpful
HASH(0x9a1277d4) 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
7 of 7 people found the following review helpful
HASH(0x99b21f78) out of 5 stars Wake Up and Smell the Coffee America April 20 2012
By jay - Published on
Format: Paperback
I am both a commission and fee adviser. Licensed and registered in Texas in three disciplines. I ALWAYS make sure conflicts of interest are out of the way up front. I think people (normal) respect that an insurance agent or anyone else who works for a living should get paid their due. We don't question attorney fees, or doctor's do we? Insurance contracts are based on an insurance company paying the agent a commission unless the agent is registered to charge a fee and has that arrangement. Most are not. All that aside. The Tax Free Retirement concept makes all the sense in the world. I believe people are tired of Wall Street, Washington and biased advisers telling them what to and not to do and decide upon. READ THE BOOK and come to your own conclusion! It makes sense. I am not being self-serving because I sell insurance. In fact, I make sure a person reads it and is very comfortable with the concept and signs off on disclosures before I take a check payable to an Insurance Company. Intelligent people in fact. As an adviser I believe it is a sensible approach to saving for retirement. Not the ONLY approach however, but certainly a sensible option for high income earners who qualify for the underwriting. It's not written to be a technical book. Who would read it except some JAR HEAD adviser? What novice wants to read about life insurance charts and graphs? PEOPLE SIMPLY WANT THEIR FINANCIAL PROBLEMS SOLVED. This is why advisers get paid. Just like a doctor, lawyer, CPA..., If we don't solve a problem then we do not earn our keep! This product does just that for a limited portion of the population who will have huge tax issues when they retire. In fact qualified plan distributions have been called a tax time-bomb. Good for the government VERY BAD for the retiree. Especially those in high income and tax brackets. I agree the masses likely can't afford this to work for them properly because of affordability but it is still a good option among just a very few others.
17 of 21 people found the following review helpful
HASH(0x9a0ad570) out of 5 stars Excellent Additional Option Nov. 15 2008
By TDM - Published on
Format: Paperback
Patrick Kelley really opens up readers eyes to the advantages of a universal life policy. This is an extremely specific book and well worth the read if you have maxed out other tax protected options such as IRA's or 401(k)s. This book is really meant for a very affluent individual, however I think it is an important read and it helps to understand options other than traditional means. It is biased towards life insurance, there is no doubt about it, because that is simply what the book is about.

I guarantee if you read this book your eyes will be opened to an additional tax-free retirement option that is unique and untraditional. Don't expect to get the same old securities approach. Read and be enlightened!

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