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McKinsey & Company Has Mckinsey met BA headcount quota for the year/did they freeze hiring? I interviewed and got to last round last year, and applied again with a referral two months ago but haven’t heard anything from recruiting. Last year I heard back within 1 month of referral drop. I would’ve thought with my 1 more year of experience I should be able to get an interview easily.🥲 McKinsey & Company
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We look at cash value life insurance from double or triple rate mutual owned insurance company as a hedge to a clients port. I like this better than muni right now with interest rate rising. There is multiple reasons we do this strategy with High net worth families. The hedge never to lose value to offset downturns in Market is the best one, but it hard to find 5-6% tax free returns outside of life insurance.
Agree with first replier, specifically using a whole life survivorship policy with a dividend rider allowing for additional deposits as allowable. By using 2nd to die policy, it would minimize insurance costs. 5%+ year over year returns and accessibility to funds on tax favored basis. Bonus is the legacy it potentially leaves family. If insurance needed for income replacement, would then use individual policy(ies). This also gives investment protection as well, can show that it would lower risk and increase return of total portfolio.
I use cash value life insurance. It's the best hedge against a down market and the tax-free benefits are hard to beat. Plus, you have access to the cash value without penalty.
Needs to get into cash balance plan to put away real money. 401k isn’t cutting it at $350K
If you are 1099, why the hell don't you have a DB plan on top of your 401k?
Convert into Roth, and cash value life. Think of how they tax social security (20-40). If your 32 you have plenty of time to build up your tax-favorable buckets. You need me as your advisor. Where are you located?
Large whole life policy with you over funding it!! It's self completing. If you die, it pays DB, if you live a long time it a great source for supplemental tax free retirement income. Obviously don't cause it to MEC!!
If it's funded correctly, yes. 5% growth, tax free, and a DB in case you 1. Become uninsurable in the future or 2. You die prematurely. Nobody has a lease on life!! Just leveraging your dollars with a very respectable cash value return. It's also a great way to hedge against market decline. Consider it your fixed portion of your 401k plan.
If you don't have an IRA anywhere regardless of your income you can find a non-deductible traditional IRA and immediately convert it to a Roth. Basically as long as you keep all of your qualified money in Company plans there's really no income limit to a Roth because there's no income limit to the conversion
Seriously this is 101 shit. Listen to my first post and hit me up. Don't listen to these other goonies. A) Drop your term; under 4 percent who have term actually die and is a waste if capital. B) max your ira and convert every year. C) get a variable insurance, not index, permanent insurance product and beef that shit up as much as you can. If your health is port might change the cone but seriously...this isn't rocket science
Thanks, I have a Small VUL and a shit ton of term when it comes to life insurance. Looked into crypto but everything has ran up quite a bit and I'd like to hear more on the cash balance. What about the employee factor? We have 6, right now we do 4 % safe harbor.
I get the life insurance plan but tbh I would put as much money as possible into the market using a CMA every single month. All equities. Just keep pumping as much as you can afford into the market, dollar cost averaging...
PWB, SPVU, IVOO,VIOO, JPEM, JPIN. Equal weight to everything. Never sell until you need money.
I like the idea of a non retirement acct that is full of equity etfs, I do have a stock acct that I do tax harvesting and have 6 positions but mostly large cap stocks. We have a Roth because my partner makes 32k as a teacher half time and we aren't married. The 32k is above the 350k I make and she has a public teachers pensions that she is vested in.
Honestly it's a strategy that I've used with a lot of clients and it's actually one me some pretty decent earners as you can imagine it's crazy how many people don't know you can do this. Check into it I just don't want to get you in any trouble either but I'm 99.9% sure if you don't have a traditional IRA out there that 5500 is there for the taking every year.
How do some of you have a job
Backdoor roth an option?
I don't have an IRA because I Rolled it into my 401k when we started it. Wouldn't the conversion be capped at $5,500?
It's got to be an IRA to hurt you. If it is basically in layman's terms the IRS will prorate the amount you convert and tax you on it. so you don't want to do it. If you have nothing in an IRA you can convert the whole 5500 every year.
I do this every year for me and my wife and I don't even have her old 401K under my management because it would cut us out of doing it. Also if there's an after-tax piece to your 401k fill that sucker up and convert it also every single year.
I would say cash Value life insurance like the others have it’s an easy stable way to go.