“According to the Employee Benefits Research Institute in the United States, 96% of employed Americans will not be able to collect their full Social Security retirement benefits. To compensate for the extension of the useful life, the Social Security Administration has extended the age at which benefits are received. ”
From these results, we set ourselves the task of looking for early financial planning solutions that include alternatives to retirement supplements and in this paper we will be mentioning one of our favorite strategies that is permanent life insurance, also known as “Whole Life” .
Individuals who are self-employed are employees or any person who owns a corporation and receives a salary from it must be clear that early strategic planning will be the successful result to obtain retirement income taking into account the needs to which They will face each other during the golden age. Given the constant economic changes in the United States, social security benefits could be affected thereby reducing the capacity for future income for participants.
Permanent life insurance has been, and will continue to be, a very important issue to talk about in financial planning and how its cash values - or “cash values” – are useful for supplementing retirement income.
Some of the qualities of permanent life insurance are:
– They have life insurance coverage for life
– Your costs never increase and are guaranteed
– Participate in dividends through compound interest
– Guarantee interest rates
– Accumulate dividends (interest) for withdrawal supplement
– It has contractual provisions to take loans
– The payment of contributions for interest gains differs
– Your cash values -cash values- cannot be demanded. In addition, they can collateralize transactions and have no early cancellation charges.
– All loan distributions do not pay taxes
– They can make contributions for 10, 20 years or until the age of 65 and also based on their cash flow and needs.
According to the American International College of Boston, one of the most prestigious in financial services, and its investment cash values of a life insurance policy is one of the safest investments. It is important to mention that retirement planning involves certain analyzes and strategies, but as we know very well, retirement is a long-term planning that could be combined with short or medium-term goal strategies that entail analyzing possible risks in some contracts that do not They necessarily have the benefits mentioned in this article.
In our next article we will abound with the specific advantages of this type of contract.
