Retirement Solutions
Retirement Solutions
Have you created your retirement roadmap yet?
If not, what are you waiting for! Retirement planning isn’t something that should be left for the last minute. At Inter-Action LLC, we don’t just help you build a successful retirement plan, but help you plan for life in general and what tomorrow brings. We help you build a purpose-driven path to a financially secure future that will allow you to enjoy your senior years.
Retirement planning is important because it’ll help you in the long-run when you’re no longer working. Even with Social Security benefits, you’ll want to have a plan in place so that you can live the life you want when you’re older and not worry about being on a fixed income.
There are many ways to plan for retirement, and we’re here to help guide you as to which ways are best for your financial goals. Stop worrying about your retirement and let us help you put a plan into action. Even the smallest amount of financial planning for retirement can really help you secure a healthier financial future.
How To Get Tax-Free Income For Retirement?
When planning for retirement, you’ll want to consider tax-free income options that allow you to get the majority of your funds without having to share it with the government. There are several ways to obtain tax-free income, and we’ll make sure to find the best solutions for your needs. Options like municipal bonds and Roth IRAs can be great, but they both have their own risks. We recommend receiving tax-free income by investing in a policy loan by obtaining life insurance, specifically an Indexed Universal Life policy.
What Is Indexed Universal Life Insurance & How It Works?
One great way to save for retirement is by investing in an Indexed Universal Life insurance. This type of policy is a specialized type of universal life insurance that allows you to place a cash value to either a fixed account or an equity index account. An Indexed Universal Life insurance policy also allows for tax-deferred cash accumulation while also offering and maintaining a death benefit.
This policy works in such a way that the cash value will earn interest based on the increase of an equity or a bond index (and in some cases as combination of both). Interest is earned on the policy based on the movement of an external index, such as the stock market. Policyholders will now accumulate more interest over the years, which they can use for their retirement instead of simply earning it at a fixed rate.
The benefit of Indexed Universal Life insurance is the fact that it allows policyholders the chance to take advantage of any market gains without the worry or risk if the market goes down. If the market does drop, you won’t have to worry about your money decreasing because the cash value won’t go down because of that market loss.
The death benefit part of the policy is also a huge benefit for many. Not only do you get to save more money for your retirement, but your family will also be financially secure in the event of your death because they’ll receive the death benefit of the policy. They also won’t need to pay federal income taxes on it, allowing them the opportunity to pocket more of the money they’ll need during this challenging time.
How Indexed Universal Life Insurance Helps Your Tax-Free Retirement Plan
Anything tax-free is a major benefit, which is why Indexed Universal Life Insurance is appealing. You’ll get more money for your retirement since you won’t have to pay any taxes on the policy when you cash it out. Plus, any interest on the policy loan won’t have to be paid back if you continue paying the monthly premium. However, if the policy loan isn’t repaid, that loan balance will then get taken away from the death benefit in the event that you die. Your family will get any funds that are left over.
Tax-free retirement options don’t have to be a complicated process. We are here to help break down retirement planning options, presenting the information in an easy-to-understand manner. To find out more about your tax-free retirement options, don’t hesitate to give us a call. We will go out of our way to help you create a financial plan for retirement that’ll make you feel better and more secure about your future.
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Frequently Asked Questions
When you retire, an annuity provides you with a regular income stream in exchange for the funds you've invested. It offers financial security by ensuring a consistent source of income throughout your retirement years.
Annuities can be a good retirement plan for individuals seeking stability and guaranteed income. They provide a predictable stream of payments, tax advantages, and potential for growth, depending on the type of annuity chosen.
While annuities are commonly used for retirement planning, they can also serve other purposes. Some individuals utilize annuities for wealth accumulation, tax planning, or to provide for beneficiaries in case of their passing.
The ability to withdraw funds from a retirement annuity depends on the specific terms of the annuity contract. In many cases, annuities have provisions for partial or full withdrawals, but they may be subject to penalties or fees.
To buy an annuity for retirement, you typically work with a financial professional or an insurance company. They will guide you through the process, assess your financial goals, help you select the most suitable annuity type, and assist with the application and funding process.
The decision to buy an annuity for retirement depends on your individual circumstances, risk tolerance, and financial goals. Annuities offer guaranteed income, tax advantages, and can provide peace of mind. Consulting with a financial advisor can help you determine if an annuity aligns with your retirement plan.
