Retirement

With this understanding about how life insurance is priced, I can create a simple model to consider four different potential roles for this whole life insurance policy in retirement income planning. First, the death benefit for life insurance provides a method to meet a legacy goal using risk pooling and tax advantages that is distinct
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The red fire pumps by the real squad fire truck in Chicago Fire Department at the quarters of Engine … [+] Co. 5, filmed in the legendary series ‘Chicago Fire.’ getty In the Chicago Sun Times on Monday, a headline: “Illinois Senate passes firefighter pension bill over mayor’s strenuous objections.” “With the spotlight focused elsewhere
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The simplest and most seemingly innocent things are costing lives. It’s natural for us to want to gather, no matter what warnings the CDC issues about Covid-19. Holidays are so important that many people chose to travel for family gatherings, figuring that they could minimize risks by sanitizing surfaces and wearing masks on planes or
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UNDATED FILE PHOTO: Country singer and songwriter Johnny Paycheck (C) holds a teamsters union sign … [+] while joining a group of striking bookbinders in this photo from 1977. (Photo by Getty Images) Getty Images Do you have enough money to tell your boss, as singer Johnny Paycheck would say, “Take this Job and Shove
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I’ve got some good news. You’re not crazy.  That’s the message of one of my favorite books of 2020, “The Psychology of Money,” written by Morgan Housel and inspired by a popular blog post he wrote in 2018. It’s a compelling read and the book offers many great lessons, but I thought this particular encouragement was worthy
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Whole life insurance receives its name because it provides the owner with a death benefit for the whole lifetime. It is a form of permanent life insurance. Whole life also includes an accumulation and savings component through its cash value. Whole life insurance may be viewed as a fixed-income investment vehicle that incorporates a permanent
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WILMINGTON, DE – DECEMBER 23: President-elect Joe Biden announces Miguel Cardona as his nominee for … [+] Education Secretary at the Queen theatre on December 23, 2020 in Wilmington, Delaware. Cardona, the Connecticut Education Commissioner, will face the urgent task of planning to reopen schools safely during the COVID-19 pandemic. (Photo by Joshua Roberts/Getty Images)
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Now that the 2020 is over, remorse may set in and you may be left wondering if you should have done something different to save taxes. A common question I hear is whether it make sense for retirees to take their required minimum distributions (RMDs) now or if they should save taxes by taking them
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