Increase Retirement Income Using Little Known Tax Loophole (QLAC)

[@foundryfinancial]

Have you considered a QLAC?

[@LeftyLinda]

To answer your question: this was just about the right amount of info. Not too long and not too short. If anything, there were a few terms in there I didn't know so I thought could have been explained better and at greater length, but that's only because I'm a bit of a newbie to the financial investing world. I just need to keep plugging along, putting in the time to watch another dozen or two of your videos, and I'll know more of the lingo. Once I get to that point, I'd think explanations would have been superfluous here. So you're good!

[@foundryfinancial]

Hey Linda! Thanks for the feedback. Very helpful. My wife always says I assume everyone knows what I do and leave out definitions. I’ll try to watch that.

[@ConnieShen-l9f]

Great content. I was not aware of QLAC and how it could help to lower RMD and provide fix income later on. Have to look into getting the annuity.

[@foundryfinancial]

I’m not typically annuity fan, but it is an interesting concept.

[@CruiseDude1]

Annuities are tied to high commissions for the agent, and often the worse the annuity the higher the commission. Insurance companies pay large incentives for agents to push the worst products. One should consider a deferred conservative bond fund if they're worried about risk. Get a 2nd opinion if anyone tries to sell an annuity.

[@relaxfreee6334]

That's informative. Thank you and just subscribed!

[@bruceeigsti5274]

Glad I have 350k all roth so not worried about taxes

[@SP-wg5pn]

That was very interesting. Like you, I’m very hesitant about insurance products, but it would be some thing that I would look into.

[@foundryfinancial]

Thanks! Yeah, I’m always suspect - but they can serve an important function, especially with the current rates.

[@SP-wg5pn]

@@foundryfinancial Just an idea for a future video I’m looking to get a handle on where I stand for retirement. I have accounts with Vanguard Fidelity in Voya and I find the retirement planning severely lacking. Would you recommend a program like new retirement or empower/Personal capital as a starting point?

[@foundryfinancial]

Great idea, thanks!

[@RP-hi7zf]

Folks, i don’t know about you all, and while this is informative, I like to keep control of my money and not surrender it to some company which is going to pay me out “some money” when I am older and may not be around to enjoy it. Let’s be real, no one knows how long they are going to live or in what physical or health condition they will be later in life after retirement to be able to enjoy your money. Also, and even if you live longer, how much can one really do with their money in his/her 80s or 90’s. In my opinion, I want to enjoy my hard earned retirement savings while I am in my 60s or 70s and while I have some descent mobility to travel, etc.. So, I would start enjoying my money as soon as I retire and would not surrender it to anyone! I think that if you plan it right and save accordingly in your working years you may not need any of these complicated and restrictive instruments. Too many people just thinking about saving and not enjoying your retirement years! Go for it, you have earn it! And don’t worry about leaving money behind for anyone. Those other ones can take care of themselves. Enjoy what’s yours while you can! Just my 2 cents!

[@sjsphotog]

Where is the link to access the free calculation tool online?

[@liberaljoe]

Would the purchase of one of these QLACS be a taxable event? Withdrawal of $200K from an IRA will push a lot of people into the 24% or higher tax brackets. Exactly what is the tax implications of these QLACS? Thanks.

[@hankhamelin329]

Maybe a list of some quality insurance companies that sell QLAC's ???

[@foundryfinancial]

Good idea. There’s not many yet, but the list is growing.

[@randolphh8005]

I haven’t looked recently, but we bought all of ours from well known A+ companies.

[@Steve_SEC]

Instead, what do you think of just keeping VMFXX ?

[@foundryfinancial]

That’s going to get less attractive as rates fall.

[@Steve_SEC]

So what would you recommend? BND has been so disappointing the past couple of years

[@BorselinoThadchack]

can you make a video about Roth Conversions ? And maybe one for freelancers a decade away from retirement?

[@foundryfinancial]

Both great ideas. I’ll add them to the list for early this year.

[@BorselinoThadchack]

You are the best. Glad you're in LA! Close by@@foundryfinancial

[@rickbrodston1800]

Im not convinced this would be the best deal. Theres better stuff out there tax free and dont have to wait until 85. Roth conversion and tax free annuities cost analysis is better... especially for heirs.

[@foundryfinancial]

Depends on your goals and your tax situation. Definitely not right for everyone, but there’s a subset where it makes sense. ROTH conversions don’t make sense for everyone either. Retirement income planning is very specific and honestly I’d have agreed with you for quite some time, but I’ve come to see the usefulness in some situations.

[@stevehowe209]

“Not going to increase as much as the S&P 500”. I’m out

[@metalgirl]

I just don’t like all the hidden fee’s!! It would be better just to take the money out, bite the bullet and pay the taxes… and then invest in the stock market. I’m currently stuck in a cash balance plan. And even though the stock market was booming last year somehow I ended up owing them money. Sorry, I don’t believe in all this BS anymore. The investment community tries to complicate things, but I think most people can figure out their own finances… if they try.

[@priestesslucy]

These suck because every one is a unique contract. There are so many opportunities for the person making the contract to screw you over. In theory, done right, they can be useful tools. But some of the people offering them are crooks and you have to watch them like a hawk and know exactly what you're watching for.

[@jaytouvelle2359]

You might be a con. Maybe a good guy?

[@foundryfinancial]

😂im not sure how to respond to that. :)