For the past month, Pennsylvania, New Jersey, and most of the country have operated under a stay-at-home order in response to the COVID-19 pandemic. While this has had obvious effects on the health of thousands of Americans, it has also had adverse results on our economic system, resulting in an unprecedented market crash.
At Secure Retirement Strategies, we have experience in Hunterdon County, Mercer County, Middlesex County, Somerset County, Burlington County, and Camden County, NJ, as well as in Chester County, Montgomery County, Bucks County, and Lehigh County, PA as a trusted long-term care insurance company. Because of this, we understand how to navigate through turbulent situations from a financial standpoint. It has also taught us that right now may be the perfect opportunity to invest in a life insurance retirement plan (LIRP). To learn more about why, read on and watch the following video:
The Effect on Taxes
With a LIRP, you pay your taxes upfront, and then never have to worry about paying them again after the fact! You also get tax-free long-term care, income, and a death benefit. These are all benefits of both the LIRP and a Roth IRA— but we might describe a LIRP as a Roth on rocket fuel.
These tax-free features come into play now more than ever, especially if you are looking to sign up for a LIRP account. With the ongoing pandemic, we expect that tax laws may change, and rates could potentially be as high as 50%. By converting to a LIRP account, however, your conversion rate could be 35% less based on where everything is in the market today.
As a result, now is actually an ideal time to convert to a LIRP and capitalize on the tax-free benefits. We recommend to anyone in the Hunterdon County, Mercer County, Middlesex County, Somerset County, Burlington County, or Camden County areas of NJ, as well as the Chester County, Montgomery County, Bucks County, and Lehigh County areas of PA our retirement investment plan during these uncertain times.
At Secure Retirement Strategies, we want to extend our best wishes to anyone affected by the pandemic, and we hope that you continue to stay safe and healthy during these unprecedented times. If you have any questions or would like more information, contact us today.