IRA Alternatives

If you are like thousands of Americans you are working hard to save money for retirement in an IRA, 401(K) or other government sponsored plan. I would also imagine that you are sick and tired of watching your hard earned money disappear before your eyes. So what is the alternative? You may have been told that there are no alternatives, that the government sponsored plan is the only efficient way to save for retirement. The first thing you should know is that you have other options. Take a few minutes to read this post and learn a little more about a couple of the IRA alternatives that are available.

Self Financed Insurance
This concept is typically used by those who are making over 200k per year on a consistant basis. The idea behind self financed insurance is simple – you leverage someone else’s money in order to build up significant cash value inside of a whole life insurance policy and by doing so create large pool of compounding money that you will never be able to outlive.  This strategy is for a very select few and should be pursued with the help of a qualified professional.

Becoming Your Own Bank
This is a simple idea that uses a 200 year old, incredibly safe financial vehicle. Instead of relying on stock market growth that is often unpredictable, you build up a pool of cash value inside a uniquely structure dividend paying whole life insurance policy. This pool of cash value can be used by you whenever and however you want. In the mean time you are benefitting from tax free growth and piece of mind that comes from knowing that you will NEVER lose your money. By eliminating market losses you will be able to create a much larger nest egg than you otherwise could while riding the market roller coaster.

There Are Alternatives

These are just two of the non-traditional IRA alternatives that exist, there may be others that would better suit any given situation.  The main thing to realize is that you have options and alternatives to your IRA.  Instead of putting your money at risk and hoping that it grows enough to support you during retirement, take control and make sure that you will have money in your account for your golden years.

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Nick D.

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