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IUL. Pros/Cons
Posted on 2/3/24 at 9:42 pm
Posted on 2/3/24 at 9:42 pm
Who has one? What are pros and cons. General thoughts?
3
Posted on 2/3/24 at 9:51 pm to Transplant Tigah
I'm sure the insurance salesman have lots of pros they can tout.
Posted on 2/4/24 at 6:54 am to Transplant Tigah
What are you trying to accomplish with it?
Posted on 2/4/24 at 8:22 am to slackster
Maxed out 401k. Passed income limits on a roth. Looking you lower my tax burden and grow money tax free.
Posted on 2/4/24 at 8:26 am to Transplant Tigah
quote:
Passed income limits on a roth.
Do you even backdoor Roth bro?
Unless you have a preexisting traditional IRA, it is simple to set up. Even if you do have traditional IRA, you'll just pay tax on a proportionate share of the conversion (pro rata rule.)
Posted on 2/4/24 at 8:31 am to TorchtheFlyingTiger
Backdoor roth? Please educate me.
Posted on 2/4/24 at 8:34 am to Transplant Tigah
quote:
A backdoor Roth IRA is a strategy rather than an official type of individual retirement account. It is a technique used by high-income earners—who exceed Roth IRA income limits—to convert their traditional IRA to a Roth IRA
Backdoor Roth explained
Posted on 2/4/24 at 8:46 am to Transplant Tigah
quote:
Looking you lower my tax burden and grow money tax free.
Don't mix insurance and investments. They are two separate things.
First as already stated start utilizing a back door Roth, also are you utilizing an HSA?
You are still better opening up a standard brokerage account and investing that way than any IUL policy if you are trying to grow your money.
Posted on 2/4/24 at 10:01 am to Transplant Tigah
The terms of the underlying index strategies are subject to change over the life of the policy.
Therefore, the actual performance will likely be lower than what is being illustrated initially.
Therefore, the actual performance will likely be lower than what is being illustrated initially.
Posted on 2/4/24 at 10:06 am to Transplant Tigah
A normal taxed brokerage account is not a bad place to have money. Simply buy some ETF’s or mutual funds and don’t sell them, and there’s virtually no tax until you do sell which can be 40 years from now. Chances are with a normal taxed account you are still going to beat any sort of ‘investment’ in an insurance policy.
ETA: the benefit is the money is immediately accessible and you don’t have to ‘loan’ it to yourself or any other sort of BS from a retirement or insurance account.
ETA: the benefit is the money is immediately accessible and you don’t have to ‘loan’ it to yourself or any other sort of BS from a retirement or insurance account.
This post was edited on 2/4/24 at 10:08 am
Posted on 2/4/24 at 12:54 pm to TorchtheFlyingTiger
Why the down votes for Backdoor Roth? If you're gonna down vote maybe offer an alternate viewpoint.
Posted on 2/4/24 at 2:16 pm to Transplant Tigah
quote:
Maxed out 401k. Passed income limits on a roth. Looking you lower my tax burden and grow money tax free.
Backdoor Roth first.
Then compare the IUL vs buying IVV or VOO with the premiums. With either you’d only be paying taxes on about 2% of your investment each year, and you’d also be paying capital gains rates which are much more favorable.
Growing an IUL tax free is nice on the surface, but make sure you’re comparing it vs a fair alternative.
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