In Episode 6 of The Alemian File, retirement expert David Alemian looks at how taxes can become a retirement killer. This video is part of his series on
Taxes are one of “The 7 Retirement Killers.” If your retirement money is in a savings vehicle that is taxable, you will never know how much money you will have in retirement. That’s because you don’t know what taxes will be when you retire. Which means you don’t know how much money the government is going to let you keep.
The other problem that physicians face regarding taxes is their income often puts them in the highest tax brackets. Depending on where you live, combined state and federal taxes can be over 50%. How can you possibly ever retire if you’re giving half of your money to the government? The only thing you can do to protect yourself is to create a lifetime tax-free retirement income stream that will fully support the retirement lifestyle of your dreams. The only way to do that is to use a cash value life insurance policy as your primary retirement savings vehicle. The money will grow tax-deferred just like your qualified plan. In retirement, you pull the money out tax-free in the form of policy loans. A great way to do this is described in Episode 3 of The Alemian File. That episode is titled “The Physician’s Retirement Plan.” It shows you how to borrow money from a bank, then put the money into a life insurance policy where the money grows tax-deferred then in retirement, you can have a six-figure, tax-free income that lasts to age 120.
The best advice I can give you right now to create tax-free income is to study Episode 3 of The Alemian File very closely.
I’ve just given you the key to a lifetime of financial security. Write down any questions that you have and email those questions to me. It can literally save you millions in taxes over your lifetime. More importantly, it can give you and your spouse or partner the retirement of your dreams. Imagine lifetime financial security that fully supports whatever retirement lifestyle that you dream about. You can get more information at PhysiciansRetirementPlan.com, and make sure you come back here next week to Physician’s Money Digest for another edition of The Alemian File.