The Commission, Life Insurance, Jain Norma discussed on The Clark Howard Show

Automatic TRANSCRIPT

Anything that has the word universal in it is radioactive to your retirement plan open other reason the agents are trying to pull this whole khan on people is the commission's that they earned on the various flavors of this universal life insurance are massive and the worst part of the kind job their polling is these policies have jain norma's 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 you have poured all this money into gets wiped out and you end up instead with the tax benefit a giant tax liability it's it's terrible stuff well thank you for calling you are there are a lot of people are going to be uh falling for lee's ads misleading rip off so let's talk about you were you self employed yes that's correct pentium aren't groin social security at the age of sixty two and i still want parttime and i'm still paying into the pond okay so you're working part time do you know that you can save for your own retirement even while you are semi retire 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 the roth is truly a taxfree a cow and you're able to put up to fifty six at your age sixty five hundred dollars each year into.

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