Retirement Planning Suggestions? 53 Single

[infoseeker]

I AM 53 SINGLE NO DEPENDENTS. i reside in new jersey. I AM A LICENSED LIFE AND HEALTH AGENT. I AM NOT THAT VERSED INTO ANNUITIES AND RETIREMENT PLANNING. I GETTING EDUCATED ON IT. I HAVE NO RETIREMENT PLAN INPLACE . I AM PUTTING IN PLACE A SOLO 401K WHICH I WILL BE FUNDING VERY SHORTLY .I PRESENTLY HAVE $6000 IN A ROTH AND PLAN ON ADDING ANOTHER $6000 FOR 2012CONTRIBUTION. RIGHT NOW IT IS SITTING IN CASH.

I CAN CONTRIBUTE COMFORTABLY 25K PER YEAR MAYBE EVEN ALITTLE MORE INTO MY RETIREMENT ACCOUNTS.

THIS YEAR I PLAN ON INVESTING CLOSE TO 60K OR MORE INRETIREMENT ACCOUNTS. 56K IN MY SOLO 401KAND 12K IN MY ROTH IRA.

I NEED THE MAXIMUM DEDUCTIONS BECAUSE I AM GROSSING ABOUT150K PER YEAR. I KNOW THAT I CAN DEDUCT AS MUCH AS 56K PER YEAR CONTIRBUTING TOMY 401K WHICH WILL HELP GREATLY REDUCE MY TAX BILL EACH YEAR. SO I THINK I WOULD PLAN ON MAYBE CONTRIBUTINGTHE MAX WHICH WOULD BE ABOUT 56K PER YEAR.

I PLAN ON LOOKING TO INVEST INTO THESE PRODUCTS: CASH VALUE LIFE INSURANCE, ANNUTIES ,EXCHANGE TRADED FUNDS , MARKET LINKED CDS , VARIABLE ANNUITIES, GOLD –SILVER.

DOES ANYONE HAVE ANY SUGGESTIONS ON WHAT WOULD BE THE BESTTYPE OF PRODUCTS FOR ME. I NEED TAX DEDUCTIONS AND I WOULD LIKE TO CREATE A PENSIONSO AFTER 10-15 YEARS I CAN START DRAWING AN INCOME.

SOME OF THE PRODUCTS SHOWN TO ME HAVE BEEN INDEX UNIVERSAL LIFEAND INDEX ANNUITIES WITH INCOME RIDERS .

HERE ARE SOME OF THE PRODUCTS THAT HAVE BEEN PRESENTED TOME: ALLLIANZ 360, AMERICAN EQUITY GOLD, NORTH AMERICAN CHARTER 14. ALSO ALLIANZ INDEX LIFE PRODUCT.
NOTE: THE NORTH AMERICAN PRODUCT LOOKED ATTRACTIVE BECAUSE OF THE 8% BONUS FOR THE FIRST 7 YEARS PLUS INDEX LINKED. IT DOES HAVE A 14 YEAR SURRENDER THOUGH.

DOES ANYONE HAVE ANY SUGGESTIONS FOR ME AS FAR AS PRODUCTS AND STRATEGIES ARE CONCERNED. I KNOW THERE ISTHE LADDERING APPROACH. I WANT TO ACCUMULATE AS MUCH AS POSSIBLE WITH THEOPTION TO DRAW AN INCOME STREAM AS WELL.

APPRECIATE ANY FEEDBACK THANKS

 

[Norwayguy]

3 things:

1. Watch the over use of caps it makes it hard to read and as ettique it as if you are shouting.
2. Your limited to 6k per year per person for IRAs and since you said your single you can not contribute 12k into an IRA this year.
3. You said you were going to do 6k for 2012, you better hurry even though you technically have until April 15th many carriers have deadlines earlier than that for contributions for prior year.

 

[jerry176]

Norway, geez in small letters he did type " i reside in nj "....

 

[scagnt83]

What are you currently funding you solo401k with?

The NA 14 has high caps I know, but the long surrender is hard to get over.

The Allianz IUL is not a good product at all imo.



For IAs:
If you want income go with Great American.
If you want Accumulation go with Annexus/BAA.
If you want LTC Benefits go with Security Benefit.

If you want the best of all 3 I would suggest BAA.



For IULs:
LFG has a top notch product.
So does NA and ING.

If I am not mistaken Allianz does not have a yearly floor on their product, just a guaranteed minimum for the term of the policy.



If you need tax deductions then the solo 401k is the way to go.
Add a profit sharing plan and you should be able to get up to $70k or $80k.

Who do you use for your solo401k?

 

[infoseeker]

i have not funded the Solo 401 k yet i am in the process now.

i am using ira financial group as my plan sponser because i dont pay assett fees or admin fees. i am setup as the administrator and trustee. they are tax attorneys.

who is LFG is that lincoln financial group ?

if i fund my 401 k than purchase a index annuity that would be tax deductible correct?

i appreciate your input

 

[Norwayguy]

who is LFG is that lincoln financial group ?

if i fund my 401 k than purchase a index annuity that would be tax deductible correct?

i appreciate your input

The index annuity itself is not tax deductible. You can do a tax deduction if it is a Traditional IRA which is just a tax qualification and can be funded with many vehicles.

 

[infoseeker]

But wouldnt it be tax deductible if i put the annuity or fund the annuity with my 401k funds.

 

[Norwayguy]

But wouldnt it be tax deductible if i put the annuity or fund the annuity with my 401k funds.

Technically a 401k is pre-tax and not deductible Yes it ends up meaning the same and for us self employed does not make much of a difference. Second finding an annuity that is filed for a 401k could be your issue. Take a look at your agent guide for the annuity and it will list what it is filed for IRA, Roth IRA almost never a problem, I deal with a lot of annuities filed for 403b market I would have to look to see if it is filed for a 401k.

 

[infoseeker]

you mentioned LFG is that lincoln financial group?

 

[scagnt83]

who is LFG is that lincoln financial group ?

Yes.
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. i am setup as the administrator and trustee. they are tax attorneys.

Not advisable at all!!!!!
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they are tax attorneys.

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