There are often a number of different options that people overlook in developing an effective retirement plan. This is where Registered Financial Consultant Matthew Dixon is able to provide assistance in developing not only retirement savings plans but also in creating protection for those assets.
One of the most overlooked considerations, according to Matthew Dixon, is life insurance. This is not only asset protection and peace of mind for people in Seneca, SC, but it also provides the opportunity to build cash value.
Choosing a permanent life policy, which is sometimes called a whole life policy, allows the accrued value to become part of the retirement plan. This is only possible with this type of policy as term life policies do not build cash value.
Tax Savings
Matthew Dixon is an expert on using tax savings to your advantage in planning for retirement. Using the cash that builds up in a permanent life policy can be done without tax if the amount you withdraw from the policy does not exceed the amount paid in premiums over the life of the policy.
The Ability to Borrow
In the event you need cash during retirement, it is possible to borrow from the value of the life insurance policy. While the policy will charge interest on the loan, you are not required to repay it as it is your own money.
Payment Elimination
Individuals in Seneca, SC, can also opt to pay their permanent life insurance premiums from the cash value. This maintains the policy without the need to add the payments to your budget.
