You wouldn’t cook your own goose if you didn’t have to, would you? We didn’t think so.
And neither does the United States Congress.
In fact, no less than 66% of Congress have money in a LIRP, making it one of those retirement investment strategies we feel strongly will be around for a while, even as taxes go up.
Here, Michael Neft, describes the nature and some of the benefits of utilizing this method as part of a holistic approach to retirement planning.
Good afternoon, everybody hope everybody is doing well. The subject always comes up about taxes, and I don’t like paying more taxes than I have to. And I’m sure every one of you doesn’t like paying more taxes than you have to.
Well, today I want to talk to you about a concept which has been used for years by our Congress. It will give you the ability to invest like Congress and have the same tax-free benefits. It’s called a LIRP, a life insurance retirement plan. We love the concept. We love the product.
We own this for ourselves and we believe in it because it gives you the ability to have tax-free income for the rest of your life. Gives you the ability to just accumulate the money if you want, and take money out tax free when you want it, to have tax-free long-term care and a tax free death benefit.
It’s life insurance, but it’s meant to be a living benefit for you to use and enjoy while you’re alive. You don’t have to die to get the benefits of this, nor does your estate have to worry about this. These are benefits that you get while you’re alive. It’s covered under rule 7702, the IRS tax code section 7702, that gives you the ability to use this product and get all the tax free benefits.
It’s a unique product, it’s something that we love because we don’t like paying taxes and we like tax-free income. But with taxes bound to be increased everywhere, at the state level, at the federal level, this is going to be one of the last available tax sheltered investments that you’re going to be able to make.
And we like it because Congress owns it and we feel very strongly they are not going to legislate it away because they’re not going to slay their own golden goose.
It’s one of those products that will fit into one of the buckets for your retirement needs.
Talk to us about it. We’d like the opportunity to show you how it works. Thank you.