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123 - Should I Invest in Whole Life Insurance After Maxing Out My 401k?
Description
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
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
Scott
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