Many people think of life insurance as a way to protect their loved ones in the event of their death. But life insurance can also be used to help ensure a comfortable retirement. According to Anthony Pellegrino, by using life insurance to supplement your retirement savings, you can help improve your chances of having the retirement you’ve always wanted.
Anthony Pellegrino On Improving Retirement Outcomes With Life Insurance
When it comes to retirement planning, life insurance can be a key component in achieving financial security. Life insurance provides money for those left behind if something unexpected happens, but it can also provide income and other benefits in retirement. This makes life insurance an invaluable resource for individuals looking to achieve their desired retirement outcomes.
Life insurance, as per Anthony Pellegrino, can be used as part of a strategy to both preserve and grow assets in order to meet future goals. It provides death benefit coverage that helps protect the surviving spouse or family members from the financial impact of premature death, allowing them to maintain their lifestyle without sacrificing important needs and wants. In addition, permanent life insurance policies contain a cash value element that allows policyholders to access funds during retirement through either loans or withdrawals. This provides policyholders with an additional source of income when they need it.
Furthermore, life insurance can be used as part of a retirement planning strategy to minimize taxes that erode savings and investments. Permanent life insurance policies are designed so that the death benefit paid out is tax-free for beneficiaries, which allows for more money to remain in the estate rather than being taken away by taxes. Additionally, permanent life insurance may provide access to cash value accumulation on a tax-advantaged basis inside the policy itself.
Finally, life insurance can also act as an estate preservation tool after death, says Anthony Pellegrino. It can help pay federal or state estate taxes due at death from accumulated wealth and assets, ensuring heirs receive the full benefits of their inheritance instead of having a large portion taken away.
Anthony Pellegrino’s Concluding Thoughts
Overall, life insurance has become an increasingly important part of retirement planning as it offers many invaluable benefits. According to Anthony Pellegrino, it can provide death benefit coverage to survivors, help preserve assets from taxes and provide additional income in retirement. Additionally, it can act as an estate preservation tool after death by helping pay off any federal or state estate taxes due at the time of passing. This makes life insurance an essential component in achieving desired retirement outcomes. According to the 2016 Insurance Barometer Study conducted by Life Happens and LIMRA, nearly three-quarters (72%) of Americans believe they would be better prepared for their financial future if they had life insurance coverage. Furthermore, more than 8 out of 10 (83%) people believe life insurance is important for providing financial security for their family, demonstrating the critical role life insurance plays in helping individuals achieve their retirement goals.