Goheen Insurance: Securing Legacies with Expertise and Integrity.
January 11, 2022
Wealth Management
Many people don’t know that Life Insurance can provide a wonderful vehicle for a tax-free retirement.
Are you planning for retirement and wondering how to get the most out of your 401k or other retirement funds? What many people don’t know is that Life Insurance can provide a wonderful vehicle for a tax free retirement.
In general, the industry standard suggests that life insurance coverage should equal 5-10 times your annual salary, but this is an oversimplification.
The amount of coverage you need also depends on factors like your age, the ages of your spouse and dependents, your current income and savings, and your debts.
For example, if you have young, dependent children and want to pay for their future education, you may need higher coverage. On the other hand, if you have no children and you and your spouse are both seniors, you will likely not need to purchase as much coverage.
Additionally, any ongoing mortgages, loans, and leases should factor into your planning. If you have a high mortgage payment, you’ll want to make sure your life insurance provides enough coverage so that your beneficiary can continue to make those payments. If you have no mortgage or loans to pay off, then you may not require the same amount of coverage.
Here’s how it works. When you put money into a 401K, you get a tax deduction, and the money grows tax deferred. When you withdraw the money in retirement, you pay taxes on it. However, when you purchase a life insurance policy, it’s different. You don’t receive a tax deduction at first. The money grows tax deferred, just like a 401K. But when you withdraw the money, it’s tax free! This could add up to a savings of 400% on taxes over a 30 year period.
To learn more about smart retirement saving strategies, give us a call today.
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Life Insurance, Premium Finance, The Simplicity Company, Tips, Wealth Management
SHAWN GOHEEN
Meet Shawn Goheen, the heart and soul behind Goheen Insurance. Since the early ’90s, Shawn has been more than just a financial advisor; he has been a trusted confidant to high-net-worth individuals. His journey has led him to build strong connections with over 15 specialty lenders and insurance carriers, and relationships with 20+ banks, giving him a rare edge in navigating the often-complex financial world with ease and transparency.
We would love to speak with you personally about any of our services. Contact us today for a free consultation or to learn more!
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