Are you planning for retirement and wondering how to get the most out of your 401K or other retirement funds? Many people don’t know is that Life Insurance can provide a wonderful vehicle for a tax-free retirement. 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, or visit our website today.
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