Although many people believe that pensions are the best way to save for retirement, they’re actually not the safest place to keep your retirement savings. Pensions also come with a lot of restrictions that other retirement plans don’t have.
Pensions are usually offered by your employer after you’ve worked there for a certain number of years. The pension will give you a certain amount of money each month once you’ve reached retirement age. There are several rules and restrictions on pensions that can be problematic; the list below names some of issues that can come with pensions.
There are other retirement savings options that are safer and have less rules and restrictions. Index universal life insurance is a great way to save for an income during your retirement. You won’t have to worry about losing money if your former work place shuts down. You’ll also have access to your money whenever you’d like, and you won’t have to pay income tax on the money you get from the policy. This policy also allows you to choose your beneficiaries, so you can leave the remaining money to whoever you want and they won’t have to go through the probate process when you pass away. With index universal life insurance, there’s also no market risk, so you won’t have to worry about losing money at all.
Choosing a retirement savings plan can be a difficult task, but we can help. Let the experts at Family Protection Center help you find a plan that suits all of your needs. Fill out the form to the right or visit our Pension Plan vs. IUL page for more information.
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