The Commission, Life Insurance, Pentium discussed on Best Of Clark Howard

Automatic TRANSCRIPT

Anything that has the word universal in it is radioactive to your retirement plan open the reason the agents are trying to pull this whole kind on people is the commission's that they earned on the various flavors of this universal life insurance are massive and the worse part of the kind job their polling is these policies have jain nor fees built in to them and also the added bonus that often the policies blow up on people that they run out of money and if you can't meet with soon as a capital color cashcall your account that you have poured all this money into gets wiped out and you end up instead with a tax benefit a giant tax liability it's it's terrible stuff well thank you for joining us about harken i'm sure a lot of people are going to be a hotline pretty bad just a misleading rip off so let's talk about you or you self employed uh yet correct pentium aren't drawing social security at the age of sixty two and i still work parttime and i'm still paying into the fund okay so you're working part time do you know that you can save for your own retirement even while you are semi retired how can house how all right so the best vehicle for you to do it is to use some of this parttime income you have to find at least in part a roth ira on a roth is truly a taxfree account and you're able to put up to fifty six your age sixty five hundred dollars.

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