How to Get Tax-Free Retirement
We work hard during our working years to save up for retirement only to have to give a chunk away to Uncle Sam. That's why people are looking for ways to build a tax-free retirement strategies.
Before I tell you about it, take the 60 Second Family Protection Checkup. You'll be able to get a snapshot of areas in your financial plan that require some attention. Don't make the mistake many families do and realize it's too late to make a change.
We're usually familiar with Roth IRAs which offer tax strategies in retirement. You don't pay taxes on the income because you paid them up front. Less familiar to people is permanent life insurance which develops cash value and can be taken out as loans for tax-free income.
What most people don't know about is how to use leverage for that permanent life insurance policy to build up more cash value.
The way it works is this: You first must get approved for life insurance which is based primarily on your health. You will fund it typically for about 5 years and minimum is anywhere from $25,000 annually to close to $30,000 annually. A bank will fund your policy for anywhere from 5 years to 10 years. Your policy is collatoral and they will receive their investment return from the cash value. The rest of the cash value and the death benefit is yours and all you had to do was save into it for only 5 years.
Who is this Tax-Free Retirement Strategy for?
This strategy generally suits someone who's in a good paying career or has a steady business that can afford $25,000 minimum annually towards their policy. Since you're unable to access your income for at least 15 years, it's for someone who can at least hold off for 15 years without needing this income.
Want to see if this plan is right for you? Schedule a consultation here.
Here's a video so you can see an actual illustration.
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