As people near their retirement years, they become increasingly interested in the prospect of tax-free income. Financial advisor Carroll Ramer explains how this objective can be achieved with life insurance in this report.
Life insurance has become a retirement income tool. Ramer explains that life insurance addresses concerns about future tax liability, the erosion of purchasing power by inflation, and the increasing costs of care as people age. Life insurance is unique in this regard, and it has been embraced by the public.
Ramer says that his retirement plans are customized so that each one addresses the needs of a particular client. But having a tax-free revenue stream generated by life insurance can be useful to anyone. Ramer says that the insurance can be paid for by either qualified or non-qualified funds.
As far as risk is concerned, Ramer points out that no one can predict the amount that will be credited to a life insurance policy in any given year. However, giving up a little upside potential to guard against downside risk means that an investor doesn’t have to hit the jackpot every year in order to accomplish retirement goals.
Ramer points out that life insurance policies provide significant benefits and tax-free income. For example, there is tax-free long term care coverage and tax-free lifetime income. And, of course, there is the traditional benefit of providing financial security for loved ones. Ramer urges his clients to “Become your own beneficiary.”
Carroll Ramer is a financial advisor with the Silver Lake Agency in Kasson, Minnesota. Retirement News Today is a featured network of the Sequence Media Group.