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S3E1: 3 Ways to Fund your Future!
Manage episode 351416183 series 2971928
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3 Ways to Fund your Future
My first suggestion is for you to put together your own Asset Map to identify how to build your own IUL.
Go to https://thefamilybusiness.info/asset-map/ to begin!
These are the three main ways that I found to fund your own IUL (indexed universal life).
1. Pay Down Debts
Perhaps delaying paying off your mortgage fast (15 years vs. 30) or if you’re paying above your loan by making extra principal payments, you’re actually paying off one of your biggest tax breaks and delaying that for a time can actually help you fund your IUL.
Stretching that out and utilizing those funds that you’re using to pay off the home early, and then building an IUL to supplement your retirement can be a strategy for you to explore. Regardless we all should pay down consumer debts to free up funds to build our retirement account.
2. 401k
The second way is using your 401(k) or work sponsored retirement plan.
The good news is that some companies pay a match. Take advantage of that!
It’s free money.
However because there’s market volatility you may want to consider alternatives for the money you’re saving above the match.
If you’re young you typically have time to sustain the inevitable market downturns because you have time for the market to recover again before retirement.
If you’re more seasoned and the market goes down, you might not have that market recovery time to build back up.
Tax-deferred does not equal tax-free. Freeing up those funds, if you’re paying above a match and putting it into an IUL, can be a viable growth and tax strategy.
3. Taxable Accounts
You will pay tax on the interest and reinvested dividends that you earn! This eats into your gains.
These taxable accounts are the least tax-efficient vehicles. Seek diversification.
Instead of putting all your eggs in one taxable account bracket, put a portion of those funds in a tax-free bracket?
What is Indexing?
The power of indexing is that it’s tied to the market, yet it’s not in the market!
In a down market, you’re locked in at zero to help protect against losses due to market downturn.
Zero can be your hero. The 0% floor protects you from market volatility.
If there’s a positive index credit year, you r account value goes up from that level so instead of worrying about market recovery you begin where you started from when the gains in your account was last locked on your policy anniversary.
And lastly, the beauty of an IUL once again, it’s not a traditional investment. You’re using this for the dual purpose of accumulation and in case something happens to you or your family members, will they be covered.
How else is an IUL is different from other financial vehicles.
- Flexible Contributions
- Tax Free Accumulation
- Tax Free Liquidity
- Compound Growth
- Financial Aid Friendly
- Legal Protection
- Estate Transfer
- And as a bonus, it can help pay for your needs if you become chronically, critically or terminally ill.
As always you can reach out to me for additional clarification or if you’d like to have me run numbers for you so you can see what this can look like for you!
Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.
Join the conversation on Social: Facebook, LinkedIn, In
The post S3E1: 3 Ways to Fund your Future! first appeared on The Family Business.
The post S3E1: 3 Ways to Fund your Future! appeared first on The Family Business.
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