By Terry Savage on May 31, 2013 | Wild Card

Please give a summary of the pros n cons of the retirement advise that involves obtaining a Roth n using proceeds to buy insurance. For a 76 yr old with an Ira but no roth n investments n 100k or so in cash positions what would be the best way to fund a Roth n what specific type of insurance should be considered? Thanks so much.

SAVAGE SAYS:? Run the other way from the person who told you this was a good idea!!!? First, do you need life insurance I thought not. Second, it’s way too expensive to buy life insurance at your age!? Second, you can’t open a Roth unless you have income. You could convert a traditional IRA to a Roth — by paying the taxes now — which at your age is nutty. Keep your money in the bank!



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