It's clear you have a deep understanding of the financial landscape and a knack for simplifying complex concepts. Keep sharing your wisdom-it's truly empowering! -Macy (Team Evan)
Good video. I agree 100% that cash value life insurance can make sense under the following circumstances 1. You need life insurance to protect your family. 2. You have money left over to invest after contributing to you 401k and Roth IRA (if you qualify) 3. You shop around to ensure the policy meets your needs such as loan policies etc
Lane, just purchased your book. Cannot wait to read it. As an advisor for over 40 years and an active Power of Zero professional, I look forward to your insight.
Please make a video on retiring on a pension. I recently discovered your channel and have been learning a lot. I looked around on your channel for information about retirement on a pension and could not find any. My husband has a very modest pension. I was a stay at home, homeschooling mom. We own everything free and clear. We do not have any Roth or 401k accounts to speak of. Again, would love to know about navigating retirement on a modest pension. Thank you.
Use a 401k-Roth if it is available. Also can do pre-tax 401k conversions while retired. I don't understand buying whole life insurance at 50 or after. I bought mine in my 20's. Much cheaper.
The "Life Insurance" Plan/Strategy... ONLY WORKS with NO "Pre-Existing Conditions" ?... Please correct me if I am wrong. At age 66 I have a $1MM IRA that I'm wondering if making a mistake by waiting for 72 Y.O and RMD's and not now ... Looking at other alternatives to save my Tax Burden at Age 72???... Not to Mention the LTC discussion in this Video... WELL DONE!. Contact information appreciated.
The premise, while it has merit regarding growing earnings tax free, are true only as long as the policy remains in force. It also ignores the decades of gains and earnings growing tax free in 401(k) and the like and not paying taxes in the years of the earned income, when many people/families need as much of their gross income they can keep as possible.
You should not compare the gains to stock market gains, rather it should be compared to bonds. The life insurance strategy is an alternative to bonds. It is the conservative portion of a portfolio. Also, it can be started and funded in your 50's or 60's and funded from other types of savings accounts, not necessarily from income. Ultimately, the tax advantages and the living benefits make it a uniquely powerful financial tool but there are many variables to be considered. Thank you for your comment!
Yes, if your income is under the standard deduction. If you have retirement accounts, the RMD‘s alone will push most folks far beyond standard deduction.
i am glad I have a life insurance that cash grows income tax free plus LTC. This is very important especially when you get old, healthcare become so expensive.
He is not talking about term insurance rather he is talking about cash value, life insurance with living benefits, that can provide a stream of tax free income in retirement.
There is no income limit on contributions to and IRA. The deductability has an income limit but anyone with earned income can contribute to and IRA. Also there are no limits on rollovers and conversions.
It's clear you have a deep understanding of the financial landscape and a knack for simplifying complex concepts. Keep sharing your wisdom-it's truly empowering! -Macy (Team Evan)
Good video. I agree 100% that cash value life insurance can make sense under the following circumstances
1. You need life insurance to protect your family.
2. You have money left over to invest after contributing to you 401k and Roth IRA (if you qualify)
3. You shop around to ensure the policy meets your needs such as loan policies etc
Lane, just purchased your book. Cannot wait to read it. As an advisor for over 40 years and an active Power of Zero professional, I look forward to your insight.
Thank you! The book is over 5 years old. I’m planning to release an updated version later this year.
Please make a video on retiring on a pension. I recently discovered your channel and have been learning a lot. I looked around on your channel for information about retirement on a pension and could not find any. My husband has a very modest pension. I was a stay at home, homeschooling mom. We own everything free and clear. We do not have any Roth or 401k accounts to speak of. Again, would love to know about navigating retirement on a modest pension. Thank you.
Use a 401k-Roth if it is available. Also can do pre-tax 401k conversions while retired. I don't understand buying whole life insurance at 50 or after. I bought mine in my 20's. Much cheaper.
Great video! I recommend to all
The "Life Insurance" Plan/Strategy... ONLY WORKS with NO "Pre-Existing Conditions" ?... Please correct me if I am wrong. At age 66 I have a $1MM IRA that I'm wondering if making a mistake by waiting for 72 Y.O and RMD's and not now ... Looking at other alternatives to save my Tax Burden at Age 72???... Not to Mention the LTC discussion in this Video... WELL DONE!. Contact information appreciated.
I would be happy to discuss this with you. My office phone: 480-550-6556
@@FinancialFastLane Thank You... Will call you tomorrow.
The premise, while it has merit regarding growing earnings tax free, are true only as long as the policy remains in force.
It also ignores the decades of gains and earnings growing tax free in 401(k) and the like and not paying taxes in the years of the earned income, when many people/families need as much of their gross income they can keep as possible.
You should not compare the gains to stock market gains, rather it should be compared to bonds. The life insurance strategy is an alternative to bonds. It is the conservative portion of a portfolio. Also, it can be started and funded in your 50's or 60's and funded from other types of savings accounts, not necessarily from income. Ultimately, the tax advantages and the living benefits make it a uniquely powerful financial tool but there are many variables to be considered. Thank you for your comment!
very good and useful video
Very Informative. How can we do a 101 with you
Our contact info here: www.martinsenwealth.com/ You can either call our office or request an appointment directly from the website.
If you can live under the standard deduction wouldn't that money be tax free? Anything over the standard would be taxed?
Yes, if your income is under the standard deduction. If you have retirement accounts, the RMD‘s alone will push most folks far beyond standard deduction.
i am glad I have a life insurance that cash grows income tax free plus LTC. This is very important especially when you get old, healthcare become so expensive.
Nice
Life insurance doesn't do me a lot of good while I'm alive. And Roth isn't an option for me.
He is not talking about term insurance rather he is talking about cash value, life insurance with living benefits, that can provide a stream of tax free income in retirement.
This CPA is oversimplifying. Roth IRAs have income limits. If your income is too high you cannot contribute to one.
There is no income limit on contributions to and IRA. The deductability has an income limit but anyone with earned income can contribute to and IRA. Also there are no limits on rollovers and conversions.
@@FinancialFastLane maybe I didn't say it right. If your income is too high you can't contribute to a roth.
True for direct Roth IRA contributions but you can still get money in a Roth via a Back Door Roth.