LOL!
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- Joined
- Jun 25, 2005
- Messages
- 10,252
Here's another one of those savings strategies articles, but embedded in it without editorial comment can be found this
Savings Strategies - WSJ.com
where
Don't shoot me. I'm only the messenger. But the WSJ makes this sound like a such a great deal, I'm wondering if anybody else here has done this?
(No, I'm not really wondering.)
Savings Strategies - WSJ.com
where
Mr. Olds, ..., decided that saving for retirement through a 401(k) was too constricting. So, based on advice from friends and online research, he moved his savings into a whole-life insurance policy that generates tax-free growth and still gives him access to his money.
...
He closed out a 401(k) account totaling $50,000 in 2008. After taxes and early-withdrawal penalties, about $30,000 remained, which he used to buy a whole-life insurance policy through a local broker. .... For example, he borrowed $23,000 [against his policy] to buy a Dodge Caravan, which he's paying off at 8 1/2% interest over a four-year term. "I feel like I'm driving my retirement plan," he says.
Don't shoot me. I'm only the messenger. But the WSJ makes this sound like a such a great deal, I'm wondering if anybody else here has done this?
(No, I'm not really wondering.)