Search found 14 matches

Return to advanced search

Re: Whole Life Surrender & Pay Down Debt?

I'm not confusing anything. . You did, otherwise you wouldn't have written what you wrote. Moving forward... The proof for whole life is that most people who have purchased it decide to get rid of it. That should tell you something if you are considering purchasing it. I disagree with you here... J...
by FinancialBalance
Thu Feb 07, 2013 11:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Surrender & Pay Down Debt?
Replies: 57
Views: 3648

Re: Whole Life Surrender & Pay Down Debt?

False statement about allowing more income to be spent. Whole life costs money. That money could be spent in retirement instead of on those premiums. Since the return is so low, a lot of money as well. Tax free income is at a loan typically 8% and can easily crash the policy. Unlocking of retiremen...
by FinancialBalance
Thu Feb 07, 2013 9:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Surrender & Pay Down Debt?
Replies: 57
Views: 3648

Re: Whole Life Surrender & Pay Down Debt?

Money placed into whole life is at marginal tax rates as compared to withdrawal from 401k at effective. For 99% of people that makes 401k substantially superior. In my experience, salesmen do this as a tactic to sell it, which I don't think is always fair... Commonly, they use it as a "this en...
by FinancialBalance
Thu Feb 07, 2013 9:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Surrender & Pay Down Debt?
Replies: 57
Views: 3648

Re: Whole Life Surrender & Pay Down Debt?

Perhaps my plan is rather simplistic. Saving the max in mine and wife's 401k and maxing our Roth space yearly (41k space), and investing in low cost index funds according to my asset allocation plan (80% equities, 30% of which is international, 20% bond, using Schwab ETFs available in Roth and prim...
by FinancialBalance
Thu Feb 07, 2013 9:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Surrender & Pay Down Debt?
Replies: 57
Views: 3648

Re: Whole Life Surrender & Pay Down Debt?

Finanplan, Patrick, Alex: Sorry for the delay. I'm going to try to handle both Alex & Patrick's responses, because I think there's commonality between them. [Edited this paragraph] For starters, I'll point out that if you really do expect to be in a higher (or even the same) tax bracket in retir...
by FinancialBalance
Thu Feb 07, 2013 8:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Surrender & Pay Down Debt?
Replies: 57
Views: 3648

Re: Whole Life Surrender & Pay Down Debt?

Be Wary of Whole Life threads I found out that it was a sore topic here after I tried making my first respond in this thread by getting banned. Alex unbanned me after reviewing my post and he's still watching the thread. There are salesmen who are desperate for sales who might try to lurk here, but...
by FinancialBalance
Sat Feb 02, 2013 5:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Surrender & Pay Down Debt?
Replies: 57
Views: 3648

Re: Whole Life Surrender & Pay Down Debt?

I hope, though who can know for sure, that my consumption in retirement is lower than present. Not having debt to service, child-related expenses, and a relatively simple lifestyle pushes me towards that conclusion. If it is, great! Maybe look at it this way, though: Most people spend their money o...
by FinancialBalance
Sat Feb 02, 2013 4:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Surrender & Pay Down Debt?
Replies: 57
Views: 3648

Re: Whole Life Surrender & Pay Down Debt?

By the way, just to be super clear here, Term insurance and Permanent products are both good products in my book. I'm not going to be "that guy" who tells you to only own one, because they both have appropriate uses. What, exactly , are the appropriate uses for whole life insurance for &q...
by FinancialBalance
Sat Feb 02, 2013 3:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Surrender & Pay Down Debt?
Replies: 57
Views: 3648

Re: Whole Life Surrender & Pay Down Debt?

By the way, just to be super clear here, Term insurance and Permanent products are both good products in my book. I'm not going to be "that guy" who tells you to only own one, because they both have appropriate uses. What, exactly , are the appropriate uses for whole life insurance for &q...
by FinancialBalance
Sat Feb 02, 2013 3:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Surrender & Pay Down Debt?
Replies: 57
Views: 3648

Re: Whole Life Surrender & Pay Down Debt?

401(k)'s do not create a tax savings like people think they do - There is a deduction that you get, but it's all paid back in the future (and then some if tax rates increase). The fact is that the tax never goes away because it's deferred into the future. Think of it this way: as the size of the ac...
by FinancialBalance
Sat Feb 02, 2013 2:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Surrender & Pay Down Debt?
Replies: 57
Views: 3648

Re: Whole Life Surrender & Pay Down Debt?

Agreed. Cheap term and self insuring is the way for me. These policies weren't my purchase choice. They are very confusing indeed,and go against my rule of not investing unless I have understanding of the product. Hey. I typed out a good response and decided to erase it entirely.... I think it's im...
by FinancialBalance
Sat Feb 02, 2013 2:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Surrender & Pay Down Debt?
Replies: 57
Views: 3648

Re: Do you pay your taxes/insurance separate from your mortg

Rainier wrote:Escrow accounts in my state pay a high interest rate, it's actually a good deal.


Really? What state, and what are they paying you?

That's foreign to what we have here... I do not escrow.
by FinancialBalance
Fri Feb 01, 2013 8:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you pay your taxes/insurance separate from your mortgage?
Replies: 42
Views: 2757

Re: Whole Life Surrender & Pay Down Debt?

Yeah, thanks to Alex for unflagging my post.
by FinancialBalance
Fri Feb 01, 2013 7:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Surrender & Pay Down Debt?
Replies: 57
Views: 3648

Re: Whole Life Surrender & Pay Down Debt?

This is my first post on the site. A friend told me to check out the site, your thread caught my eye, and you're the reason I signed up! To be straight and to the point, there's some cash flow issues with some financial myths that are mixed in here. It's a common problem, but hopefully I can help yo...
by FinancialBalance
Fri Feb 01, 2013 6:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Surrender & Pay Down Debt?
Replies: 57
Views: 3648

Return to advanced search