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Message
Retirement investment question or advice
Posted on 6/27/12 at 10:05 pm
Posted on 6/27/12 at 10:05 pm
What are your thoughts on investings in indexed universal life insurance with a lifetime income rider as a retirement option? I do not have a 401k and only have a Roth Ira. What do you think about Roth vs. the insurance? Should I do both or either. Which one first? Thanks. I am currently putting max in Ira and thinking about putting 5 k in life insurance. Help please..
Posted on 6/28/12 at 6:43 am to tree
Why don't you have a 401? If you're self-employed you could go with a SEP IRA instead, of course. There are usually options of that sort available.
Posted on 6/28/12 at 8:31 am to tree
I hate universal life with a passion. They are poorly designed, and always end up eating themselves alive. Universal life is not true permanent insurance, and only really works well when interest rates are really high.
Most here know I work in the insurance world, and I refuse to sell universal life. I can't tell you how many people I see with universal life policies that end up completely going away by the time they are 70 unless they pay ridiculously higher premiums.
If you want to look at what insurance can do, look at the traditional permanent from Northwestern, new York life, and maybe Mass. Then compare. With the Roth you already have some tax free retirement income, and the insurance can help increase that too.
Other than that, why don't you have a 401k? Your best bet would be to truly diversify into investment accounts that you can be really risky with, and use a risk free product like insurance to protect your base.
Good luck
Most here know I work in the insurance world, and I refuse to sell universal life. I can't tell you how many people I see with universal life policies that end up completely going away by the time they are 70 unless they pay ridiculously higher premiums.
If you want to look at what insurance can do, look at the traditional permanent from Northwestern, new York life, and maybe Mass. Then compare. With the Roth you already have some tax free retirement income, and the insurance can help increase that too.
Other than that, why don't you have a 401k? Your best bet would be to truly diversify into investment accounts that you can be really risky with, and use a risk free product like insurance to protect your base.
Good luck
Posted on 6/28/12 at 8:33 am to foshizzle
quote:
Why don't you have a 401? If you're self-employed you could go with a SEP IRA instead, of course. There are usually options of that sort available.
Agreed
Posted on 6/28/12 at 9:39 am to tree
quote:
What are your thoughts on investings in indexed universal life insurance with a lifetime income rider as a retirement option?
shite. It's fricking insurance. Not a retirement plan. This is why insurance people that do this piss me off.
Posted on 6/28/12 at 11:04 pm to Broke
Is the OP actually talking about an annuity with life insurance rider?
Posted on 6/29/12 at 12:34 am to Broke
quote:
shite. It's fricking insurance. Not a retirement plan. This is why insurance people that do this piss me off.
True ignorance at its best.
Posted on 6/29/12 at 4:17 am to LSUgolf04
quote:
True ignorance at its best.
We're listening.
Posted on 7/3/12 at 1:19 pm to Janky
I am not self-employed and my employer does not offer a 401-k. What is my next best option after the Roth is fully funded every year?
Thanks again..
Thanks again..
Posted on 7/3/12 at 1:22 pm to tree
You need to save 15% minimum every year. A life insurance plan is not an investment plan. It is pure protection when you check out.
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