Toms River, NJ (PRWEB) May 24, 2013
The first reason to consider is the incredible value of a death benefit, which is exempt from federal income tax and state. Many retirees since 2000 have found that their retirement nest egg is less than what was expected due to poor market performance and factors such as forced early retirement, said Brian Solik, president of wealth preservation strategies NJ. These retirees are concerned that your money can not last.
a couple, if one spouse dies before the other, the spouse who is still facing a drop in income from social security and possibly pension income. Let’s say a woman survived her husband by 20 years and receives $ 12,000 less per year in retirement income after his death. The widow is a total of $ 240,000, which could easily be replaced by a permanent life insurance policy, if in place, Solik comments.
If a pension is involved, a spouse may choose the option to pay more if they have or decide at that time to establish a permanent life insurance policy. With this strategy, explains Solik, if the annuitant lives a long life, the family will have more income. If he or she dies, the remaining spouse can be a loss of income covered by a death benefit tax-free.
Another reason to have a policy of permanent life insurance is to maximize the money left to heirs. In my experience, comments Solik, a veteran financial advisor designed to help people keep their money at risk in the stock market and taxation, most retirees do not want to use your head and die without leaving anything their close. They prefer to live on the interest and growth of your money and leave the principal of their children, other heirs or charity.
It is very difficult, even for the rich, to carry, especially when market returns are low and interest rates are so low. However, when you have a permanent life insurance policy, at least a portion of its assets will be replaced by a death benefit exempt from federal and state taxes. With this plan, you can have the freedom to enjoy the money to retire and not worry about spending down some or even more sustainable, Solik says. With proper planning, the assets you go down can be replaced.
A third reason to consider having a permanent life insurance policy is to use the capacity to accumulate substantial cash and then use it for retirement without paying federal income tax or state, such as described in previous articles, Mr. Solik. Since almost all investments are either taxable or tax-deferred, with an account that can be called back without having to pay Uncle Sam his share is a huge benefit for retirees. life insurance cash value policies are flexible enough Solik says. For example, there are no limits to what we can contribute, and executives may also participate.
but not necessarily a good choice for everyone, there are several reasons for the families of the middle class to learn about the rich as a permanent life insurance policy can benefit them and their heirs, concludes Solik.
Brian Solik, CRPC is president and founder of the wealth of NJ conservations strategies. He is a former Wall Street broker who now focuses on educating investors on how to maximize your financial security and reduce taxes. If you wish to receive your regular newsletter with Brian at 732-415-7717, or visit your site firstname.lastname@example.org http://www.wpsnj.com.
Securities and investment advisory services offered through Brokers International Financial Services, LLC, Panora, Iowa. Member FINRA / SIPC. Brokers International Financial Services, LLC and wealth preservation strategies NJ are not affiliated companies. The views expressed are Brian Solik and not necessarily those of brokers Financial Services International, LLC.
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