Hosts: Arif Halaby & Jeff Girard
Hour #1 – Early Retirement Planning
Total Financial Solutions Safer Money Hour, with host Arif Halaby, President & CEO of Total Financial Solutions airs every Tuesday from Noon to 2pm on Santa Clarita’s Hometown Station, KHTS AM-1220.
Early Retirement Planning – February 9, 2016
On this episode of TFS Safer Money Hour, Arif & Jeff give tips and tricks for making your money work for you if you want to retire early, and how to go about planning for such.
Hour 1 – Early Retirement Planning – guaranteed sources of income, moving around retirement funds without penalties, multiple income sources
Make a plan for various sources of income that have a high probability of success
Once you have calculated the amount of savings and future income you will need, you’ll want to spend time researching the
This is not the time to make quick, off-the-cuff decisions. There are sources of income that you can find that can be small on taxes and have little to no penalties, whether they be ROTH IRAs, life insurance policies, etc.
The investments you will now choose need to provide income for your remaining lifetime, and you can’t afford to make mistakes, so take the time to do careful research, and don’t hesitate to seek qualified professional help.
And remember, the best retirement plans are chosen because they are part of a well-designed investment plans, not bought piece meal.
From moneycrashers.com
“If you have a permanent life insurance policy, you may have noticed that it has a cash value from which you can make withdrawals and/or loans. Moreover, this cash value earns interest which is not taxed until you make a withdrawal, and loans are not taxed at all.
You have to be careful, however, not to withdraw too much or you could void the policy. Plus, any loan you take out that isn’t paid back could eventually reduce the policy’s death benefit. Cash value life insurance as an investment makes the most sense if you also have an insurance need. Plus, it works best if started very early – ideally in your twenties – when the cost of insurance is low and you have many years for the interest to compound.
The cash value in a life insurance policy can nicely pad an early retirement, but since it is a more sophisticated strategy, discuss the tax and policy implications with your insurance company before you take a withdrawal or loan.”