Using SLIRPs to help retirement planning
Learn how business owners can design an ideal retirement savings plan for themselves using supplemental retirement life insurance (SLIRP).
In designing an ideal retirement savings plan, business owners need to think about how much tax benefit they want up front and how much they want at retirement. The questions an owner needs to answer are:
- Do you want a contribution that’s tax-deductible
- Do you want accumulation that’s tax deferred
- Do you want distributions that are income-tax free?
Any tax-preferred plan can give you benefits on up to two of those three questions. It comes down to what does your retirement strategy look like and how much of that comes from tax-preferred sources that you’re in control of versus the government or the economy. Take a look to see two options most people can use to design a winning strategy in this video featuring James Barry and Heather Davis.
Neither New York Life Insurance Company nor its agents provide tax or legal advice. Please consult your own tax or legal professional to find out how the general concepts mentioned in this video may or may not apply to your personal circumstances.