What to Look For When Purchasing a LIRP

Planning for your retirement involves evaluating a variety of factors and making sure you are comfortable with all the qualities of your plan for the rest of your life. In David McKnight’s book Look Before You LIRP, he compares the evaluation process to that of finding a spouse, in that you cannot rush into it without knowing all of the qualities that it has to offer. 

Secure Retirement Strategies prides itself on offering quality life insurance plans to Lehigh County, Bucks County, Montgomery County, and Northampton County in PA, as well as Hunterdon County, Mercer County, Middlesex County, Somerset County, Burlington County, and Camden County in NJ. When evaluating your LIRP, here are the major characteristics to look for.

Stable Growth

When searching for a retirement planning method, you want an account that is going to be both safe and effective. While savings accounts, Roth IRAs, and other similar accounts will give you one or the other, seldom do they offer both in the way that a LIRP does. LIRPs guarantee your money against market loss and allows you to build up your savings, so that you have enough income to last you from the day you retire and for the rest of your days afterward.

Minimal Fees

A good LIRP account has low fees that are few and far between. One of the most substantial benefits to a LIRP is that you can use the money in your account without having to lose more of your earnings to fees. Having a low-fee LIRP account ties into the aspect of stable growth, giving you more money to grow towards your retirement.

Tax-Free Benefits

It cannot be stressed enough how important the tax-free element is to the effectiveness of a LIRP. Having the IRS taking away your savings can build up and hurt your planning in the long run, giving the LIRP and advantage over other retirement savings accounts such as Roth IRAs. It’s your savings, so you should be entitled to every cent of them – and when you enroll in a tax-free plan, you will be.

Long-Term Care

Here at Secure Retirement Strategies, our advisors take pride in being a premium long-term care insurance company and offering our clients long-term care protection as part of their LIRPs. Nobody wants to consider the possibility of needing a long-term care plan, but life is unpredictable, and it’s better to have it for when you need it. Instead of having to pay exclusively for a plan that you hopefully will never need, incorporating it as part of your LIRP is a smart option.

After evaluating the core values of the LIRP, you should come to the realization that this account is by far the most effective way to save for your retirement and ensure that you will maintain financial stability well after you stop working and settle down. To learn more about how you can enroll in a LIRP plan in Pennsylvania and NJ, contact one of our advisors today.