How Life Insurance Can Make Your Retirement Tax Free
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Are you planning for retirement and wondering how to get the most out of your 401k or other retirement funds? What many people don’t know is that Life Insurance can provide a wonderful vehicle for a tax free retirement.
Utilizing Life Insurance
Here’s how it works. When you put money into a 401K, you get a tax deduction, and the money grows tax deferred. When you withdraw the money in retirement, you pay taxes on it. But when you purchase a life insurance policy, it’s different. You don’t receive a tax deduction at first. The money grows tax deferred, just like a 401K. But when you withdraw the money, it’s tax free! This could add up to a savings of 400% on taxes over a 30 year period.
To learn more about smart retirement saving strategies, give us a call today.