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Indexed universal life (often shortened to IUL) is a type of universal life insurance product that offers a death benefit coupled with a cash value account that can be used to pay policy premiums or take withdrawals and loans. [1]
IULs and Roth IRAs can both play a vital role in retirement planning.IULs have fixed premium costs, have an investing elemen and pay a tax-free lump sum to your beneficiaries.
Traditional IRA and 401(k) contributions get an income tax deduction but, in exchange for this deduction, every dollar distributed gets taxed as if it were salary or wages. People who prioritize having a source of tax-free funds in retirement over a current tax deduction may do well to evaluate Roth plans and life insurance as an alternative.
In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. [1] Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401(k) plans ...
When creating your personal retirement plan, there are a variety of tools you can use to fund your long-term savings goals. An employer-sponsored 401(k) is one of them while indexed universal life ...
The IRS recently announced new retirement savings contribution limits for 2023. The amount individuals can contribute to their 401(k) plans in 2023 will be $22,500 -- up from $20,500 for 2022 ...