First post here, please be gentle!
I have a financial adviser that I pay to handle my retirement financials and I think we have done some great things for my future but now I'm searching for more options to retire early.
She brought up a Riversource multi index universal life insurance package. In general the thing is too complex for me to comprehend but I'm researching it and finding a lot of negativity. I like some of the long term care benefits it has and of course the ability to use it as an additional vehicle for retirement. What are your thoughts?
I have around $200/mo that I feel I should be doing something with to further my early retirement. Ideas welcome!
My situation
-I'm single and 42, earning around 70k/y in a low cost of living area.
-Mortgage is being overpayed currently, roughly on track to pay it off by 63.
-I have a substantial IRA from previous employment 401k that is basically just sitting and growing, no contributions.
-I have a separate Roth IRA that I am contributing the maximum to.
-I have medium term savings investments that I am contributing to that is being managed and has a decent amount of funds in it to take care of projects like new roof for the house, new vehicle etc.
-I keep a good amount of money in checking to take care of unexpected things, I could live for six months off of checking if I had to.
-I have health, vision, dental etc through work.
-Disability insurances through multiple places adding up to something like 90% current income.
-I started a new 401k from my employer but for overhead reasons (small company) they decided they can't do that any more and are ending it. I was putting in 5%. This is the recent change that has me searching for new options.
-Before the 401k caved in I was on track to retire around 63 with over 80% income.
I have a financial adviser that I pay to handle my retirement financials and I think we have done some great things for my future but now I'm searching for more options to retire early.
She brought up a Riversource multi index universal life insurance package. In general the thing is too complex for me to comprehend but I'm researching it and finding a lot of negativity. I like some of the long term care benefits it has and of course the ability to use it as an additional vehicle for retirement. What are your thoughts?
I have around $200/mo that I feel I should be doing something with to further my early retirement. Ideas welcome!
My situation
-I'm single and 42, earning around 70k/y in a low cost of living area.
-Mortgage is being overpayed currently, roughly on track to pay it off by 63.
-I have a substantial IRA from previous employment 401k that is basically just sitting and growing, no contributions.
-I have a separate Roth IRA that I am contributing the maximum to.
-I have medium term savings investments that I am contributing to that is being managed and has a decent amount of funds in it to take care of projects like new roof for the house, new vehicle etc.
-I keep a good amount of money in checking to take care of unexpected things, I could live for six months off of checking if I had to.
-I have health, vision, dental etc through work.
-Disability insurances through multiple places adding up to something like 90% current income.
-I started a new 401k from my employer but for overhead reasons (small company) they decided they can't do that any more and are ending it. I was putting in 5%. This is the recent change that has me searching for new options.
-Before the 401k caved in I was on track to retire around 63 with over 80% income.
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