It seems that after a near two years of planning, some significant changes are coming to the military retirement system.
A new report from the International Longevity Centre in the UK (ILC-UK) says that for young people who want to have a "comfortable" retirement, the time to start saving is now - and the savings should be at least 11% of their total income every year. The ILC determined how much young people needed to set aside in order to avoid shortfalls come retirement, defining "adequate retirement income" as 70% of earnings throughout their working life.
Imagine distributing your entire life time savings tax free versus having it be held taxable like in a traditional IRA, 457, 401(k), Profit Sharing Plans, and other defined contribution plans. If going tax free sounds ideal to you, then an Index Universal Life plan may be the option you've been looking for. This plan isn't like a traditional whole life, term life, universal life, or variable life plans, though.
Here are a five of the “what if’s” that financial advisors should be covering with their clients to create the most beneficial plan for the future. These items are those major "life changing" events that most people go through, but few plan for in advance.
Life insurance represents one of, if not the best, tax planning investments available.
Ed Slott, a widely known tax advisor, has created this 5-minute video to explain to you how purchasing life insurance could turn out to be one of the best decisions you ever make by demonstrating the power of having a tax free retirement using the IUL strategy. Applied knowledge empowers you to advance with achieving your financial goals. Watch the video below, and contact Combined Benefits United today to learn more.