Book Review: The Income Miracle: How to Use Life Insurance for a Safe and Tax Free Income Stream by Marc Aspen

The Income Miracle: How to Use Life Insurance for a Safe and Tax Free Income Stream by Marc Aspen

The booklet The Income Miracle: How to Use Life Insurance for a Safe and Tax Free Income Stream by Marc Aspen actually bills itself as an article. It is short, only 20 pages, including the appendix, but it contains loads of information.

One may ask, “Is a twenty page booklet really worth the cover price?” We would answer that by asking you, “If Warren Buffett offered to sell you a single sheet of paper that contained the secret of how he got wealthy, what would that be worth to you?”

The concept detailed in this book is not new, it just isn’t talked about a lot. We have reviewed two other books regarding the same subject in the last few months. This is not new. Many financial gurus will tell you that this method does not work. They advise you to buy term life insurance and invest in stocks and bonds. I believe these gurus are wrong.

If I had known about this back several years ago, I would be much better off today. If I had listened to my father, who had actually sold insurance years ago, I would have had this type of plan.

Aspen does not tell you that this way is the ONLY investment you need, like so many other investment books we have read, and there have been hundreds. He does suggest that this is a part of your investment plan.

Even though this article is short, it might just be the best investment you have made in a while. It might lead you to ask more questions of your insurance agent. It might lead you to better understand your financial future. We give The Income Miracle all five stars.

We were sent a complimentary copy of this book. We are under no obligation to write any review, positive or negative. We are disclosing this in accordance with the Federal Trade Commission's 16 CFR, Part 255.  

Notice: This post contains affiliate links. If you click a link and make a purchase, we may financially benefit from your transaction, at no additional cost to you. Thank you for your support.
------------------------------------------------------------------------------------------------------
Please be sure to visit David over at Random Thoughts and Observations.

I respond to all comments on this blog, ideally within 24 hours.  Please check back here for a response to your comment.  Thank you!
 
Please subscribe to David's YouTube Channel. Thanks!

Guest Post: Life Insurance Isn’t Always About Death; It’s Also A Retirement Tool

Life Insurance Isn’t Always About Death;

It’s Also A Retirement Tool

Many Americans view life insurance policies as a key part of their financial planning. But they tend to think in terms of how the insurance will benefit their survivors after they are in the grave – not how it might benefit themselves while they are very much alive.

If that’s the way they see it, though, they may be missing out on an additional way to help pay for retirement – something especially worth knowing if other investments go awry or a pension is non-existent.

“I think a lot of people are surprised to learn that their life insurance policy can help them handle expenses during retirement,” says Gary Marriage Jr., CEO of Nature Coast Financial Advisors. “They consider life insurance a death benefit. But it can be a lot more than that.”

How so?

Essentially like this, Marriage says: Over the years, a person pays premiums into a permanent life insurance policy with the intent to provide a death benefit as well as cash-value accumulation for as long as the policy remains in force.

If they reach retirement, and aren’t as concerned with the death benefit, they can withdraw from the insurance policy without paying taxes. Usually, you can withdraw up to the amount that you paid in premiums over the years, Marriage says.

Some other advantages include:

• Contribution limits don’t apply. The government puts a limit on how much money you’re allowed to contribute each year to an IRA. So your IRA is going to grow, but not to the degree that you would like. If you structure a life insurance policy so that it’s part of your retirement plan you don’t face those same dollar-amount limits, Marriage says.

• The cash value of the policy grows each year with interest, tax deferred. Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, free from income taxes, potentially allowing it to grow at a faster rate. And if you’re worried about the stability of the insurance company, the fact is insurance companies are some of the strongest financial institutions in the world.

• When you leave your children the money you’ve accumulated in an IRA, they have to pay taxes on it. But the beneficiaries of a life insurance policy don’t have to pay taxes.

• The federal government will penalize you if you withdraw money from an IRA or a 401(k) before you turn 59½. But if you need some of that life insurance money at an earlier age, you can withdraw without paying a penalty.  That’s a big advantage for those who suddenly find themselves in need of cash, but don’t want even more of their retirement savings to disappear into Uncle Sam’s coffers, Marriage says.

“It’s really important for people to take advantage of all the options they can when it comes to retirement,” Marriage says. “I think many people underestimate how much money they’ll need, often because they don’t take into account all the factors like taxes and inflation. Maybe you’d never have to tap into that life insurance policy and it can all go to your beneficiaries. But it would be nice to have it there in case the need arises.”

About Gary Marriage Jr.

Gary Marriage Jr. is the founder and CEO of Nature Coast Financial Advisors), which educates retirees on how to protect their assets, increase their income and reduce their taxes. Marriage is a national speaker, delivering solutions for pre-retirees, business owners and seniors on the areas affecting their retirement and estates. He is an approved member of the National Ethics Bureau, and has been featured in “America’s Top Hometown Financial Advisors 2011” and was selected to contribute to a book with Steve Forbes titled “SuccessOnomics: Power Principles” and became a “Best-Selling Author” as a result. Marriage is also the founder of Operation Veteran Aid, an advocate for war-time veterans and their families.

Notice: This post contains affiliate links. If you click a link and make a purchase, we may financially benefit from your transaction, at no additional cost to you. Thank you for your support.
------------------------------------------------------------------------------------------------------
Please be sure to visit David over at Random Thoughts and Observations.
I respond to all comments on this blog, ideally within 24 hours.  Please check back here for a response to your comment.  Thank you!
Please subscribe to David's YouTube Channel. Thanks!