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Life Insurance Premium Financing

A 39-year-old man who lives in New York wants to retire at 65. He will get an annual net income of $190000 from age 65 to 100. Not gross income, net income of $190000 per year! This tax-free income of $195000 is equivalent to a gross income of $327,800 for single and $286,800 for a married couple. How is he going to fund his retirement?

He is only paying $1083 monthly, which is $13000 annually, just for five years to fund his retirement, with the initial death benefit is 3.4 million. When he turns 65, his tax-free annual income will be $195000 until age 100. The total amount of 5 years’ out of pocket premiums is $65000. From age 65 to 100, he gets $195000 annual tax-free income for 36 years, a total of $7020000. Why is his income of $195000 tax-free? It is a policy loan against his cash value. A loan is not taxable income.

 

New Retirement Bill

The retirement bill the House of Representatives passed includes an assortment of changes for participants in 401(k) plans and owners of individual retirement accounts.

If you’re interested in annuities

It’ll become easier to convert your retirement savings into a steady lifetime income—a feature common to old-fashioned pensions—by buying an annuity in a 401(k)-style retirement plan. Currently, only 9% of employers offer this option, according to Vanguard Group Inc. Employers would be able to choose whether to offer an annuity and, if so, which type to offer.

If you’re over 70½

The bill repeals the age cap for contributing to a traditional IRA, currently 70½, making it easier for people with taxable compensation to continue saving. Also, the age to start taking required taxable withdrawals from 401(k)s and IRAs would increase to 72 from 70½.

If you participate in a 401(k) plan

The legislation would also make it easier for employees to understand how much monthly income their 401(k) balance would support by requiring employers to disclose an estimate on 401(k) statements.

 

 

If you work part time

If you’re a new parent

The bill would allow you to take penalty-free distributions from 401(K)s and IRAs of up to $5,000 within a year of the birth or adoption of a child to cover associated expenses.

If you inherit an IRA

You’d no longer be able to liquidate the balance over your lifetime and stretch out tax payments. Instead, if you inherit tax-advantaged retirement accounts after Dec. 31, 2019, you must withdraw the money within a decade of the IRA owner’s death and pay any taxes due. Exceptions include surviving spouses and minor children.

If you have a 529 savings plan

You’d be able to withdraw as much as $10,000 from a 529 education-savings plan for repayments of some student loans.

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If your employer doesn’t offer a retirement plan

An estimated 42% of private-sector workers don’t have access to a workplace retirement-savings plan. Under the bill, employers without retirement plans would have the option to band together to offer a 401(k)-type plan if they choose.

source: WSJ

PLANNING FOR RETIREMENT

It’s never too early to start saving for retirement. The more you save during the early working years, the less pressure there will be to save and seek high investment returns in your later working years. Here are some points to consider as you plan for your retirement.

Calculate Your Retirement Needs

Whatever you want your retirement to be, you need to figure out how much you’ll need to pay for it. As a rule of thumb, you’ll require about 70% to 90% of the amount you are living on in the months before you retire to maintain your lifestyle through each year of retirement.

Life Insurance Protection

Having the proper amount of life insurance can help assure your loved ones are provided for if the unexpected happens. Life insurance helps replace lost income, which can be used to pay off debts and expenses and can help maintain your family’s standard of living.

Premium Financing: With the Kai-Zen Plan, there are no personal or business loan documents to sign*!

The Kai-Zen Plan is designed for business owners, executives, Professionals, doctors, attorneys or similar key employees. To qualify, you must be able to obtain a standard or better risk class with the carrier, be age 65 or under, and have an income of at least $100,000 annually.

Each Kai-Zen Plan participant will own a personal trust which will, in turn, own their policy. Each year, for up to 5 years, you contribute your portion of the premium to your trust. Your contribution and your policy are the sole collateral for the loan.

 

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DIE TOO SOON: HOW DO YOU PROTECT YOUR FAMILY OR BUSINESS FOR EVENTS SUCH AS YOUR CHILDREN’S COLLEGE FUND?
BECOME ILL: HOW DO YOU PROTECT YOURSELF FROM FINANCIAL DEVASTATION DUE TO TERMINAL, CHRONIC OR CRITICAL ILLNESS?
LIVE TOO LONG: HOW MUCH ARE YOU CONCERNED WITH THE COST OF RETIREMENT AND THE RIST OF LIVING BEYOND THEIR INITIAL ASSETS?

ESTATE PLANNING

ESTATE PRESERVATION

At retirement, new concerns will arise and you will be faced with questions revolving around distribution needs and eventually wealth transfer objectives. Meeting your ongoing retirement and estate preservation objectives requires the use of concepts, designed to help ensure privacy, expediency, and tax efficiency that allow you to:

• Manage and distribute your estate assets fairly, privately and tax-efficiently;
• Preserve the value of your estate by reducing or eliminating estate taxes;
• Replace the value of any portion of your estate, which is eroded by estate taxes or other settlement costs.

TRUST & INTEGRITY

We, Schillerstovare Group Inc, are a US veteran & minority business, protecting and enhancing the financial security and quality of life of individuals, families, and businesses through innovative services and products we provide. We operate in the long-term best interest of our clients with the overriding objectives of financial strength, stability, and service based on trust and integrity. We also operate divisions such as innovation and procurement.

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UNIQUE STRATEGY

We design products and services that include captive insurance, retirement & tax-qualified plans like 401(k), SIMPLE IRA, 403(b) or other employer-sponsored retirement plans at work, life insurance & annuities, individual and group disability insurance, health insurance, wealth management, estate planning, and business loans.

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