10.27.2021 - By Scott Frank and James Conole
Scott and James discuss if you should invest in Whole Life insurance after maxing out your 401(k). Listener Question I was recently advised to get a life insurance retirement plan by my adviser. I currently max out my IRA contribution, FSA, 401k to ~56k and have extra money left over. I’m single and don’t have kids to warrant a life insurance plan per se but it sounded intriguing with the extra cash i have leftover. I comfortably have an extra 3-4 k every month leftover. I’m a bit skeptical of the adviser since he contacted me supposedly from a coworker who gave him my name. Planning Points Discussed Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) Episodes Mentioned What Tax-Efficient Investment Strategies Exist After I Max My 401(k)? Timestamps: 1:30 - Submit Your Questions! 3:05 - Selling v. Advising 7:25 - How Are Insurance Salesman Compensated? 10:28 - Understand Your Goals First 13:43 - Self-Insured 15:37 - Opportunity Cost 16:47 - Tax-Free Loans 17:15 - After-Tax Benefits 19:32- Understanding Incentives 21:02- Aligning Your Financial Goals LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here