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RETIREMENT
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When do you want to retire?
What do you want to do?
How much money will you need? Start planning now so you can enjoy life...
Have questions?
Want more info?
Contact a Team Member.
Retirement is easy... start saving as much money as you can now so that you're ready when the time comes. If you're thinking about Social Security benefits, you can start taking money at age 62 but you will get less money each month. Currently, the full benefit age for Social Security is 66 for people born before 1954, and it is gradually rising to age 67 for those born in 1960 or later. For traditional retirement accounts the earliest you can withdraw money is age 59 1/2. This is true for 401(k), 403(b) or IRA accounts, and there is a 10% penalty for taking money early from these accounts. But what if you want to retire earlier or you have other things you want to do and you need money? Then you will need to save money in other investments.
One retirement plan we highly recommend is IUL, or Indexed Universal Life insurance. IUL lets you save money now and take it out later when you need to use it. The money grows faster than some other investments because your value goes up when the market index increases, but does not drop when the market goes down. Furthermore, the money grows tax free. You can use it for retirement or to pay for college education... IUL is that flexible. Plus there is value left for your family after you die.
We can help you understand how to use this tool. Essentially you put extra money you have in an IUL so that it can grow. Officially IUL is for retirement so you do not have to declare this money when you apply for government assistance or college financial aid. But you can still take out money when you need it for any purpose... not just for retirement. What you are doing is "overfunding" so that there is a big "refund" waiting when you need money... just like most people do with the annual tax returns.
INVESTMENT #1:
Family protection + Retirement money
INVESTMENT #2:
More money for retirement + Extra money for other uses (e.g., your child's college)
And here is the real benefit of overfunding:
Now you have to answer the other important question: How much money will you need to invest now so that you can get enough money you need to spend later? This is a question that you must discuss with your Financial Advisor. There are additional questions about needing money for long term health care, and having money left that can go to your family and your heirs after you are gone. We recommend that you sit down with your Financial Advisor to discuss your plans and goals. There is no cost for this consultation, and afterwards you will be confident that your can enjoy your retirement and leave a legacy for your family. Contact us with more information about you and your family so we can discuss retirement strategies, customized for your unique situation:
Contact a Team Member.
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RETIREMENT
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