SDWildflower
Confused about dryer sheets
Still working and have concerns about taxes in retirement, 58 y/o and just opened my first Roth IRA this year. After a seminar I went to earlier this year, I realized I may be in a higher tax bracket in retirement $500K+ all in traditional 401k/IRAs, espec when I have to take RMDs. In my reading since then, I have come across two plans that are selling max-funded life insurance, and loan withdrawal as a way to fund a part of your retirement tax free. I will name them but of course am not endorsing as I that is why I am here asking.
One calls itself Bank on Yourself and the other Laser Fund (financial abundance). They do make it clear these are for long-term planning, as due to the life insurance cost, you will be in the neg for at least the first two years.
Also, they need to be max-funded otherwise the fees and life ins are too high a cost percentage. BOY uses whole life, Laser uses indexed universal life. I don't know the pros/cons of either. Historically the Laser examples have done well but I think one could end up in the negative if a recession hits and lasts several years.
Anyway, looking for insight, opinions - worth getting a quote ? or stay away?
Thank you !
One calls itself Bank on Yourself and the other Laser Fund (financial abundance). They do make it clear these are for long-term planning, as due to the life insurance cost, you will be in the neg for at least the first two years.
Also, they need to be max-funded otherwise the fees and life ins are too high a cost percentage. BOY uses whole life, Laser uses indexed universal life. I don't know the pros/cons of either. Historically the Laser examples have done well but I think one could end up in the negative if a recession hits and lasts several years.
Anyway, looking for insight, opinions - worth getting a quote ? or stay away?
Thank you !