Our goal here at MBK & Associates, Inc. is to demonstrate and bring value to your existing situation. Anything short of that is a waste of both of our time. We aim to assess your current financial balancing act, and determine opportunities for you to be able to grow significant tax-free income and put your family and loved ones in a position to succeed well into your golden years with tax-efficient income planning strategies. Every situation is different, but no portfolio is too large, or too disorganized. Many of our clients find themselves lost, overwhelmed or not even aware of where all of their dollars are with respect to life insurance policies, or what they could be doing to get more out of them.
One typical situation that presents itself, whether working with an individual, high-income professional, or even as high as an Executive Benefits package, say with a Community Bank or Federal Credit Union, is assessing whether or not is is valuable to convert an IRA or Roth IRA into an Index Universal Live Policy (IUL).
So What Exactly is an IRA to IUL Conversion?
An IRA Rollover, which consists of transferring the money in one IRA account into another, or a Roth Conversion, which is a process of moving money into a new, TAX-FREE Roth IRA account are both similar processes.
When you convert an IRA into an IUL appropriately, you absolve yourself from many of the IRS constraints that bind your income stream during retirement.
Should I Convert My IRA into an IUL?
Conditionally-Yes.
Like almost all financial strategies, executing an IRA to IUL conversion can be very wise for some investors, while some should consider other options. This is why we always recommend spending time with a professional unbiased agent like MBK. We act as not a salesman, but a Shepard for your flock into the sea of confusion that is retirement and income planning. This is but one of many options to help see you through to a successful retirement, but a good one.
Read More: How An IRA Conversion to an Overfunded Universal Live Policy Can Earn You Money
Not Every IUL Life Insurance Company is Created Equal
You shouldn’t utilize just any Life Insurance company to execute this IRA to IUL conversion. There are a few recommended packages, carefully selected from personal and professional experience that make the most sense. We will work with your existing packages to find the best to convert to for your personal and professional situation. Like any Life Insurance product, its VITAL that the policy is structured PROPERLY to make sure all financial goals are met.
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Our blog is meant to help provide potential branches of insight to individuals, professionals and executives of Western New York, but only provides the tip of the iceberg. You can find more information on IRA to IUL conversion on our podcast- THE MBK BEAT with Mark, and remember, if you ever have any questions about your existing Life Insurance, or want to explore some of what you see here on the site, its easy! Just give us a call!