BOOM RETIREMENT SOLUTIONS

Strategies for Boosting Retirement Income

BOOM RETIREMENT PLANNING

Strategies for Boosting Retirement Income

Flexible Retirement Income Planning Strategies and the Role of

Annuities and Fixed Index Universal Life Insurance Policies

Besides providing a death benefit to safeguard your family, FIA's and FIUL offers a valuable tool for bolstering your retirement plan by potentially accumulating tax-deferred value. Accessible through policy loans or withdrawals, any accrued cash value can serve multiple purposes. 

For retirees, it is a financial resource to navigate fluctuations in living expenses or unforeseen costs, bridging the disparity between retirement savings and goals.

Positively impact your retirement income and safeguard your assets with a well-suited strategy

Retirement is when an individual ceases to engage in paid employment and starts receiving funds from Social Security, pensions, or other retirement savings plans.

Retired individuals represent a large and growing proportion of the U.S. population. In the 2023 Gallup poll, only 43%, less than half of non-retired adults, anticipate being financially comfortable in retirement.

What is Fixed Index Universal Life Insurance

Fixed Index Universal Life Insurance can help you achieve your financial goals. It protects your loved ones and bridges the gap between retirement savings and income. The policy protects death benefits and allows you to grow tax-deferred accumulation value. You can access the accumulated value later through policy loans or withdrawals.

Sample Policy Snapshot

Basic Illustration Based on Specific Assumptions:


Insured: Christine Robinson

Female, 40, Preferred Plus Nontobacco

Planned Monthly Premium: $600

Retirement Age: 64yo

Initial Death Benefit Option: Increasing

Goals: 

1. Life Insurance Protection up to his retirement

2. Maintain lifestyle in retirement 

3. Assets protection from market fluctuations and maximizing tax efficiency during retirement

Key Considerations:

1. FIUL is supplemental to your retirement income.

2. Policy Loans and withdrawals reduce the cash value and death benefit.

Hence, it is recommended to monitor your cash value to avoid a policy lapse.

3. Withdrawals exceeding the premiums paid are subject to regular income tax.

4. FIUL policies require health and financial underwriting.

Consult your financial professional for a personalized illustration of this strategy for your situation.

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Taxation can play a substantial role in determining the overall value of your retirement portfolio


How are your current retirement income sources taxed?

Social Security

Non Qualified Savings and Certificate of Deposit

Traditional ITAs/401(k)s

Distributions are taxed

 *Following the Social Security income tax rules, your social security benefits are included in the taxable income by either 0%, up to 50%, or  up to 85%.

Interests are taxed,

Distributions are Tax-Free

Cash Accumulations are tax-deferred, Distributions are taxed

You can, however, supplement these sources of retirement income and gain tax diversification with FIUL Insurance policies. 


Fixed Index Universal Life Insurance has several tax benefits like no other!

  • Income Tax Free Death Benefit

  • Tax-Deferred Potential Accumulation of Cash Value

  • Income Tax Free Loans and Withdrawals

*Policy loans and withdrawals will reduce cash value and death benefit.

3 Tiers That Should Be Satisfied In Retirement Planning


How are your current retirement income sources taxed?

What Should Be Included

FIUL Benefit

LIFESTYLE

Your savings accounts and retirement savings, like 401(k)s, are important assets for maintaining your standard of living in retirement.

Accumulated cash value can supplement:

-retirement income

-college funding

-wedding

-vacations


EMERGENCY

Emergency funds are crucial for unexpected expenses like sickness, vehicle maintenance, and home repairs.

Available cash value can supplement:-medical bills-car repairs-home repairs


LEGACY

Legacy assets are idle assets passed on to beneficiaries after death, like inheritances and donations to charitable organizations.

Death benefit are passed on to the family, beneficiaries, and charitable institutions

REMEMBER!

Other Products That are Helpful for Retirement Planning

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©Copyright 2023| Boom Insurance Agency. All Right Reserved

Boom Retirement Planning is a brand under Boom Insurance Agency LLC

©Copyright 2024| Boom Insurance Agency. All Right Reserved