What are 702 j retirement plans – What is a 702 j retirement plan? 1-800-566-1002 . What are the best types of 702 j retirement plans for retirement and learn how you can avoid the most common mistakes that individuals have made when looking to purchase a 702 j retirement plan. 702 j retirement plan: The New Qualified Retirement Plan Did you know that permanent life insurance is considered the new qualified retirement plan? I didn't either until I came across a revolutionary product. Let me share some facts about traditional qualified retirement plans and how they compare to a properly structured permanent life insurance policy. A qualified retirement plan according to the IRS includes 401K, individual retirement accounts (IRAs), pension plans and annuities. While the structures of these plans are good, they are not the best. Here are some known facts about retirement plans: Retirement plan savings are accumulated tax deferred. Although the money is tax deferred, have you ever thought about what tax bracket you will be in when you retire? More than likely it will be the same bracket you are currently in or a higher bracket because of the amount of money you will need to withdraw monthly to maintain your lifestyle. Who wants to pay more taxes when they retire? Not me. Retirement plans have a maximum contribution amount per year. Now let's be clear that I am only speaking about retirement plans that you as the owner can contribute to. There are plans such as pensions and defined benefit plans that only an employer can make the contribution to. A 401K has a $17,000 and individual retirement accounts (IRA) have a maximum $5,000 contribution limit per year. What if you want to save more? Retirement plans have required minimum distribution age. The Uncle Sam, wanting to keep his hand in your pockets as usual, requires that you must start making withdrawals from your retirement plan by age 70 ½, unless it is a Roth IRA. Whether you need the money or not Uncle Sam forces you to receive regular distributions based on a calculation they came up with AND you have to pay taxes on it. Retirement plans cost you early withdrawals fees and penalties. Now suppose you need the money before you turn 59 ½, do you think you can take what you want with no problem? Nope. If you make a withdrawal before you are 59 ½ you will not only have to pay tax, but also a 10% penalty fee. But isn't it your money? Now let's compare these same benefits of retirement plans to a permanent life insurance policy. Permanent life insurance policies include a cash value account. This account is, in simple terms, a savings account that can be used as a retirement account. Did you know that IRS code 7702 states that you can use a retirement account as a supplement retirement account? It is truly an amazing thing. Let's compare. Life insurance cash accounts are accumulated tax-free. That's right tax free. Since you pay your life insurance premium after tax, the monies allocated to your cash account are after tax. This means that if and when you decide to pull funds out of your account, you will not have to report them to the Uncle Sam. Life insurance cash accounts have a higher maximum contribution limit. I would love to tell you that you can shelter any amount of money you want in a life insurance policy but that is no longer the case. At one point in time you in fact could do this but over the years the rules have changed. However, the great thing about this limit is that it is based on the size of your policy and how much you contribute above your premium every year. As a result, this limit can be higher than the $17,000 maximum 401K limit. Life insurance cash accounts can be withdrawn at any time. The cash accumulated in a life insurance contract can be taken out at anytime. The key is to withdraw these funds as a loan and not as a basic withdrawal. Why you ask? As a withdrawal, there is a possibility that you will have to pay taxes on the interest earned in that account. But with a loan you will not have to pay any tax. In fact you won't even have to pay the loan back. As long as the policy is current, the loan balance will remain. In the event that the funds have to be distributed to the beneficiary, the loan balance will be deducted from the payout amount. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: 702 j retirement plan annuities 702 j retirement plan income 702 j retirement plan explained 702 j retirement plan reviews 702 j retirement plan review What is the best fixed indexed 702 j retirement plan vs the top immediate income 702 j retirement plan...(read more)
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The 702 J Retirement Plan: A Comprehensive Solution for Your Retirement When it comes to preparing for retirement, it's crucial to explore all available options to secure a comfortable and worry-free future. The 702 J Retirement Plan is gaining significant attention as a comprehensive solution designed to provide a reliable income stream during one's golden years. The 702 J Retirement Plan, also known as a Life Insurance Retirement Plan (LIRP), combines the benefits of permanent life insurance with tax-efficient strategies to create an ideal retirement savings vehicle. This unique plan allows individuals to accumulate cash value over time while enjoying tax-free growth and income withdrawals in retirement. One of the significant advantages of the 702 J Retirement Plan is its tax-free nature. Unlike traditional retirement plans like 401(k)s or IRAs that are taxed upon withdrawal, the growth in a LIRP is not subject to taxes. This tax advantage can significantly impact the accumulation of wealth over time, ensuring that individuals can reap the maximum benefit from their savings. Moreover, the 702 J Retirement Plan offers individuals the freedom to control their income withdrawals during retirement. With the ability to take tax-free income, individuals can structure their cash flow based on their individual needs. Whether you choose to withdraw funds to cover living expenses or reinvest the income to accumulate even more wealth, the LIRP provides flexibility and a level of financial freedom that many seek in retirement. Furthermore, the 702 J Retirement Plan can offer enhanced protection for both individuals and their loved ones. As a life insurance policy, it ensures that a death benefit will be paid out to beneficiaries upon the policyholder's passing. This death benefit provides peace of mind, knowing that loved ones will receive a financial cushion during a challenging time. Another vital aspect of the LIRP is the potential for growth. The 702 J Retirement Plan allows individuals to invest their premiums into a variety of investment options, including stocks, bonds, and mutual funds. This diversification allows for potential growth over time, taking advantage of the power of compounding interest to build a substantial retirement nest egg. While the 702 J Retirement Plan offers numerous benefits, it's essential to consult with a financial advisor or insurance professional to evaluate whether it's the right fit for your retirement goals and financial situation. A qualified expert will assess your needs and guide you through the process of setting up, funding, and managing your LIRP to maximize its potential. In conclusion, the 702 J Retirement Plan offers a comprehensive solution for individuals seeking a reliable and tax-efficient retirement savings vehicle. With its tax advantages, flexible income withdrawal options, potential for growth, and protection for loved ones, this unique plan can help secure a comfortable and worry-free retirement. Take control of your financial future today by exploring the advantages of the 702 J Retirement Plan. https://inflationprotection.org/the-702-j-retirement-plan-a-comprehensive-guide/?feed_id=124566&_unique_id=64cec8b055383 #Inflation #Retirement #GoldIRA #Wealth #Investing #702jretirementplan #702jretirementplanexplained #702jretirementplanforbeginners #702jretirementplanfordummies #702jretirementplanforseniors #702jretirementplanprosandcons #702jretirementplanreview #best702jretirementplan #fixed702jretirementplan #hybrid702jretirementplan #index702jretirementplan #top702jretirementplan #whatare702jretirementplans #whatisa702jretirementplan #QualifiedRetirementPlan #702jretirementplan #702jretirementplanexplained #702jretirementplanforbeginners #702jretirementplanfordummies #702jretirementplanforseniors #702jretirementplanprosandcons #702jretirementplanreview #best702jretirementplan #fixed702jretirementplan #hybrid702jretirementplan #index702jretirementplan #top702jretirementplan #whatare702jretirementplans #whatisa702jretirementplan
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