John Martin discusses maximizing a retirement plan with life insurance.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-john-martin-of-compass-wealth-strategies-discussing-using-life-insurance-for-retirement/
John Martin discusses the concept of using life insurance as a retirement tool and emphasizes its importance in anyone’s financial and retirement plan. He explains that if an individual does not live long enough to accumulate sufficient retirement savings, the death benefit from a life insurance policy can ensure the completion of their retirement plan for their spouse and family. This tax-free death benefit provides financial security for the surviving spouse and family members in the event of the policyholder’s death before retirement.
Furthermore, the podcast explores different types of life insurance policies. Term insurance is described as temporary coverage for a specific period, typically 10, 20, or 30 years, without any cash value or equity. Conversely, John Martin highlights the significance of cash-value policies for utilizing life insurance as a retirement tool. Cash value policies, such as whole life or variable life, gradually accumulate cash value over time. This cash value can be credited based on market indexes or dividends and can be withdrawn through tax-free loans. This allows the policyholder to build funds for retirement while also providing a death benefit for their loved ones.
The episode underscores the importance of proper structuring and customization when incorporating life insurance into retirement planning. There is no one-size-fits-all solution, and it is crucial to consult with a knowledgeable professional who can assess individual needs and recommend the most suitable type of life insurance policy. By appropriately structuring a life insurance policy as part of a comprehensive financial and retirement plan, individuals can ensure financial security for their loved ones and potentially accumulate funds for retirement.
Overall, the episode emphasizes the importance of considering life insurance as a retirement tool. By incorporating life insurance into a financial and retirement portfolio, individuals can protect their family’s financial well-being and ensure the completion of their retirement plan, even if they don’t live long enough to accumulate sufficient savings.
John added: “We serve our clients best by providing comprehensive Financial, Estate, and Retirement Planning, through the prism of uninterrupted growth strategies along with protecting their assets while mitigating taxes.”
About John Martin
Hard-working business owners and Professionals shouldn’t have to forfeit paying unnecessary taxes while working and especially during retirement.
John Martin, CEP, RFC, IAR of Advanced Tax Planners started his career 27 years ago as an independent financial advisory & wealth management firm in New York.
He has served the business community by providing tax reduction strategies, along with creating, protecting, and preserving his client’s wealth for their families.
John integrates education with holistic financial planning as the foundation for building real Financial Independence more rapidly, especially when taking advantage of all the tax reduction methods the tax code allows.
Each client can expect the highest level of integrity and confidentially working together to design and implement the right strategies to best achieve their individual goals and aspirations, and to control their financial life.
John is based in Western New York and married to his wife Kit. They have a son and a granddaughter Emma. He enjoys time with family, reading, golfing, and traveling.
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Financial Advisors do not provide specific tax/legal advice and this information should not be considered as such. You should always consult your tax/legal advisor regarding your own specific tax/legal situation. Separate from the financial plan and our role as a financial planner, we may recommend the purchase of specific investment or insurance products or accounts. These product recommendations are not part of the financial plan and you are under no obligation to follow them. Investment Advisor Representative offering Independent Investment Management utilizing Tactical Active Management through Redwood Private Wealth, SIPC.