What Is The Best Retirement Savings Plan?

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    David RacichPRO
    Fountain Hills, Arizona
    The best “savings” plan, not investment plan, is generally a product suitability item that needs to be profiled. The product suitability for participating whole life or current assumption universal life insurance, as an income source for retirement, is a long term “saver” with low to zero risk tolerance and no less than a fifteen year annual premium commitment. If designed to comply with TAMRA and maximum cash accumulation, these life insurance policies can deliver tax advantaged income as long as the policy is kept in force for the life of the insured.
      
    Answered on June 15, 2013
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    What is the best retirement plan?  Anyone you happen to choose and consistently fund.  There are a lot of "prefect" plans that go undone or unfunded or left as a last thing to do if there's money left over....  The habit of saving is the absolute BEST retirement plan a person can have... Get the habit and the rest turns out OK. Without the habit, tax breaks, tax advantages and tax free doesn't matter.
    Answered on June 15, 2013
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    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    The best retirement plan is one that your employer gives you.  It doesn’t cost you anything.  The next best retirement plan is one that defers all of the gain and charges no tax on the distribution.  These plans are known as “Roth” plans.  The next best retirement plan is one that allows you to deduct your contributions as you make them from your taxable income.  It charges income tax on the entire distribution when you start taking it.  These are all income tax plans regulated under the IRS regulations.
    Answered on March 5, 2014
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