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I thought bass boats and divorce were synonymous ?divorce, health problem, bass boat,
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I thought bass boats and divorce were synonymous ?divorce, health problem, bass boat,
I'm terrible math, but I have a reasonable handle on human nature... banking on your self sounds great, until you look at the person responsible for making the business decisions at your bank... what's their track record to this point?
Depends on state law. in Alabama, your sister gets the bass boat in the divorce, but y'all still get to ride in the boat at every family get togather.I thought bass boat and divorce were synonymous ?
It's not.How is this better than a Roth IRA?
not sure if this is true on this thread talking more about Roth than if in Traditional Qualified Funds. Roth withdrawals of basis come out tax free & Roth withdrawals after age 59 1/2 come out tax free without having an outstanding loan balance on the ledger with ticking tax time bomb should the life policy lapse or inadvertently/ignorantly be surrendered or 1035'd out of ignorance.Depending on your tax bracket and your overall objective, it can certainly replace equities.
Here's the problem: You'll have less money in the insurance contract. However, based on how it spends in retirement, it can be a far more efficient way of spending one's assets because of the tax-exempt nature of loans vs withdrawals treated as income.
I've done the math where the life insurance spends as though you had earned over 27% per year for 10 years. Let me be clear: the policy did not EARN 27% for 10 years. It's the tax-efficient use of loans and collateral that allowed that cash flow to spend as though it did earn that amount.
If your goal is more money, life insurance won't perform as expected. If your goal is to spend a greater amount in retirement, life insurance may surprise you compared to traditional retirement planning methods.
So, if life insurance loans spend as if making 27%, dont Roth distributions spend as if they are making 27%, plus Roth wont send you a bill for ongoing premiums due if the life contract isnt a short pay guaranteed contract.