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Additional Posts in FIRE Financial Independence Retire Early
When do you guys want to retire?
Anyone follow Millennial Revolution?
Ally or Marcus? What’s best for HYSA?
Subject Expert
Hoo boy. Paging that one guy who keeps pushing IUL here 😂
It is a wise financial move that will create wealth….for the adviser.
Coach
Max all other tax advantaged accounts before even considering it. Even then, if you decide you want one you should shop around for policies and not just pick one up from a financial advisor since it likely won’t be the best fit for you, but will be whatever gets your advisor a commission.
Coach
https://u.cubeupload.com/demonlesondledon/FIREFlowChart.png
Thank you! for the advice and the graphic
Coach
Most of the advice you will find here will be to ditch the financial advisor.
Coach
Also OP, ask your advisor if they are a fiduciary. Most won’t say they are and if they aren’t they don’t really have to put your financial interest foremost in anything they do with your money.
The only situation I know of where it can make sense is if you are withdrawing huge sums annually in retirement (eg 1 mil+) in which case the tax advantaged status could lead to a much lower tax bill, assuming top marginal rates go way up in the future (which seems likely). So it’s good for like 1% of the country tops. For the rest of us it’s a massive waste of money. The fees are way too high. You will do much better by just investing in stock index funds, and buying cheap term life if you need insurance.
This is very very helpful. Thank you❤️
V bad advise. Get term life if you want.