New Jersey-based financial advisor Robert Gill is the founder of EPIC Wealth Management and has been working in the financial services industry for over twenty years. Robert Gill of New Jersey focuses on educating his clients as a top priority to help them make sound financial planning decisions.
An often-overlooked strategy in retirement planning is leveraging life insurance to achieve a significant increase in retirement income. It’s possible to use a 1035 exchange of existing policies into annuity products which would provide lifelong income. This strategy works for people who don’t need a large death benefit.
Policyholders can also surrender their policy for its cash value to be sold in the secondary market directly. A settlement can provide bigger cash benefits than surrendering a policy but both options should be considered. A 1035 exchange to the right annuity could allow for the recovery of the tax-basis of all after-tax premiums.
An often-overlooked strategy in retirement planning is leveraging life insurance to achieve a significant increase in retirement income. It’s possible to use a 1035 exchange of existing policies into annuity products which would provide lifelong income. This strategy works for people who don’t need a large death benefit.
Policyholders can also surrender their policy for its cash value to be sold in the secondary market directly. A settlement can provide bigger cash benefits than surrendering a policy but both options should be considered. A 1035 exchange to the right annuity could allow for the recovery of the tax-basis of all after-tax premiums.
