Penalty for liquidating ira account costa blanca dating sites

In yet another way to mix insurance and investing (rarely if ever a good idea), I was recently mailed a copy of the book Lifetime Economic Acceleration Process by Robert Castiglione which introduces the reader to the “LEAP” system.

If there are no gains (premiums paid minus surrender value), there are no taxes due anyway no matter how much the cash value “grows.” 2) Disability protection – The assumption here, of course, is that you buy a disability rider on your whole life policy that pays the premiums if you cannot.Then he contradicts himself to say you should only use “compounding accounts” for 3-5 years. The goal isn’t to pay the least amount of tax, of course, but to have the most money after-tax.Next he points out that with a tax-deferred retirement account you’ll owe more tax later after years of compounding than you would owe if you just paid the taxes now. For example, if you contribute K now to a 401K, saving K in taxes, and then that K grows to 0K in retirement, even if you end up paying taxes at a lower rate in retirement (say 20% overall), you’ll owe K. The other disadvantage of compound interest according to the author is that it doesn’t provide health benefits, disability benefits, death benefits, or asset protection. And no, I can’t follow his extraordinary leap to believing that whole life insurance provides “health benefits” either.Of course, once you borrow the money out of the policy (or take out another loan with the policy as collateral) the disability rider doesn’t pay that loan back.He also fails to mention the obvious alternative strategy – buying disability insurance.

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If you buy a whole life policy, you can’t fund a 529. There’s always lost opportunity cost and you don’t get it back by using whole life instead of a more traditional instrument.

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