Ask Terry Questions retirement funding

retirement funding

By Terry Savage on February 06, 2023 | Financial Planning / Retirement

Is an Indexed Universal Life a good choice as a retirement plan when you have 5-8 more years to work for a public school system.
Love your columnEspecially the one in Orlando Sentinel today 2/5 re:ChatGPT!!!
i am 81 and think this world is going crazy!!! And not in a good way.
the question above is really pertinent for a 54 year old daughter who has asked my opinion????
Thank you for sharing your smarts with all of us!

Terry Says

Thanks for your nice note!

I NEVER think Indexed Universal Life is a good option. She should open an IRA and invest the money there. Do it inexpensively through Fidelity or Vanguard. And if she can save more than the allowable contribution — $6,500 if you’re under age 50 / $7,500 if you’re age 50 or older — then just pay the taxes and put money away in savings.

IUL offers tempting ” market-linked” returns but the contractual guarantee only approximates CD rates! But it does make the annuity salesperson rich!

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