by d1114m » Fri Jan 01, 2010 06:44 pm
I currently have an universal life policy that I pay $600 monthly into. I am doing it solely for retirement purposes. Have been doing this since 1996. I have changed fin. advisors and he is suggesting I take a $10K loss and stop the policy and invest in a 403b instead. (I am a school teacher, 10 years near retirement.) Suggestions???NOTE: Some say using a life insurance policy to build wealth, savings, investing, etc is not really a good option unless you have maxed out all other forms of retirement investing? Is this a logical statement, or purely opinion?
Posted: Fri Jan 01, 2010 07:57 pm Post Subject:
First of all you can not roll that UL policy to a 403B and for you to take a 10K loss is rediculous. If you want to stop paying premiums on the life insurance policy ask the company to send you an inforce illustration stopping premium payments and reducing the face amount to carry it to maturity. Then take the 600 a month that you are saving and first invest it into an Roth IRA. Then after you have maxed that out put the rest into a 403b.
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