Do You Want Control, Flexibility, and Guarantees?

As pensions disappeared, the responsibility for saving for retirement was shifted to the American worker (via 401K plans).  Unfortunately, most employees have very little (if any!) education or experience in investing.   For most individuals, their 401 (k) is the primary source of retirement savings, and outside of Social Security, it is what they will rely on to finance their golden years.  A 401K can be great for accumulating cash, but there are many downfalls:

1. You are limited by how much you can put in your plan
2. Your money is exposed to market risk
3. You must wait (usually until age 59 ½) before you can even access your money or pay a penalty!
4. If you can borrow (not all plans allow it) from your plan, they dictate the terms on when and how you must pay it back
5. You are forced to start taking a REQUIRED MINIMUM DISTRIBUTION starting with the year you turn 73 years old, even if you don’t want or need to! 

And don’t forget, when you do start taking money out of your 401K, you will need to pay taxes.  So, when you look at your balance, remember the government will be getting its share, and until you take a withdrawal, you don’t know what that tax is going to be!

Of course, we would not be pointing this out if there weren’t a better way. If you have followed our blogs for a long time, you know what I am going to say: the Infinite Banking Concept.  Yes! Using dividend-paying whole life insurance.  These are not the policies that your parents or grandparents had, but specially designed plans that are designed to build cash value that you control!  This is a private contract between you and the insurance company, which allows you to decide how much you want to put in, how much you may want to borrow, when and how you want to pay it back (or never). 

You can access your cash when you want it, not when someone tells you you can.  There are no penalties for early withdrawals; you aren’t forced to take out money you don’t need. Your money and growth are contractually protected, and no market risk! 

If you want the growth, flexibility, and control that Infinite Banking provides, please give me a call, and we can discuss how you can take control of your money and not be at the mercy of your plan administrator, where your money is at risk, taxable, and under someone else’s control. 

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