Retirement Income Planning

I am worried about the future of Social Security and want to know my options!

Life Insurance Retirement Plan (LIRP)

Description
As a life insurance policy designed to take advantage of tax treatment of life insurance, it is suited for investors with high income, which may exclude them from participating in Roth IRAs. A LIRP can provide a long-term accumulation vehicle for supplemental retirement income. In addition, at your death, it offers a benefit to help replace lost income for those who depend on you.

Objective
To provide investors supplemental retirement income via a life insurance policy featuring market appreciation, tax-deferred accumulation, and a life insurance death benefit.

Suitability
Indexed Universal Life insurance is often used as a vehicle for a Life Insurance Retirement Plan. Over-funding a policy is best suited for investors already taking full advantage of other tax-advantaged ways to save for retirement. A LIRP is an option for those investors wanting to invest more for retirement once they have reached the contribution limits on qualified plans.

Product Features 

• Earnings grow tax-deferred

• Payouts can be structured to provide an income

• Owner can structure tax-free payout from policy withdrawals and loans

• Death benefits paid to the beneficiaries are income tax-free

• Contributions should be made for at least 10 years

• Policy cannot lapse or all loans become immediately taxable

• Must be insurable

• Death benefit included in the owner's estate, if the owner is also the insured and dies