Tax Free Retirement Paperback – 2007
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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 This means the first amount of money withdrawn can come out tax-free as a withdrawal up to the total contribution amount.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.
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?
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
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!