Saturday, January 2, 2016

Social Security Now or Later?

Hanson McClain's Money Matters Weekend Update
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EMAIL NEWSLETTER | January 2, 2016
Just Say No to Life Insurance as a Retirement Fund

Just Say No to Life Insurance as a Retirement Fund

For every one person I see who is maximizing the tax benefits, I see 10 other folks who could do a lot better by purchasing term insurance and investing the difference.

Q: I've maxed out my savings with my Thrift Savings Plan and my Roth IRA. A financial adviser has suggested I invest in an equity-indexed universal life insurance plan because of the great tax benefits (I don't have many other tax options that are favorable for me). I've got 35 years with the government and will retire in another five years or so. What do you think?

SCOTT'S ANSWER

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Social Security Now or Later?Social Security Now or Later?

The Social Security program allows you to start receiving benefits as soon as you reach age 62. The question is, "should you?"

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*Scott Hanson (2011, 2012, 2013, 2014 & 2015) and Pat McClain (2012, 2013, 2014 & 2015). Barron's© magazine is a trademark of Dow Jones L.P. The ranking reflects the volume of assets overseen by the advisors and their teams, revenues generated for the firms and the quality of the advisors' practices.