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Tax-Free Retirement

30 review for Tax-Free Retirement

  1. 4 out of 5

    Michael Tidd

    Let me guess - you got this book from an insurance salesman. OMG how did I know!?!?! It's because this book is a brochure for an insurance product masquerading as retirement and financial advice. Where is it available? Places like www.shopatnaa.com, which sell these in sets of 1000 copies at a time, and guarantees 'to generate thousands of dollars in new revenue!'. So before eating this up, please realize it's the equivalent of a religious booklet being left on your front door - they want you to Let me guess - you got this book from an insurance salesman. OMG how did I know!?!?! It's because this book is a brochure for an insurance product masquerading as retirement and financial advice. Where is it available? Places like www.shopatnaa.com, which sell these in sets of 1000 copies at a time, and guarantees 'to generate thousands of dollars in new revenue!'. So before eating this up, please realize it's the equivalent of a religious booklet being left on your front door - they want you to know as much as is necessary to get you on board, and probably not more. Running through the 9 landmines of retirement planning is a light breezy read - not big on specifics, and if you've studied economics or personal finance even a little, nothing new or revolutionary. But the author uses those tidbits of pseudo-advice to set up hypotheticals to condition you for the sales pitch later - mainly, that tax-deferred retirement accounts are going to set you up for a huge tax burden later. Why? Because the country is headed for ruin, and so the government will HAVE to tax you a crapload more. And you'll have no deductions to offset it! They will TAKE 50% Or 85%!! Be scared! How realistic or relevant is that? Well, it depends on your financial situation. If you are expecting to have a six figure income in retirement, or a lot of wealth, it could be relevant. But for the average person, not so much. It boils down to the tax being significant, but not the drama this piece makes it out to be. There are Roth IRA and even Roth 401ks out now, so start maxing those out and investing them wisely and this is a non-issue. If you make a ton, AND are late to the retirement planning party, AND plan to make good income that might bump your taxes up post-retirement, then this strategy is likely a perfect fit. Otherwise, study it long and hard. For me the premiums are prohibitively high, despite my being early 30s in good health. There are great resources online that describe the strategy, and exactly what type of product you need, like here: http://www.mypersonalfinancejourney.c... - objective, informative, and DETAILED! This Patrick Kelly book is not really informative - it saves the reveal on the product its hawking until there are only bare pages left, and it spends negligible time discussing the specifics. That's what makes it more of a propaganda piece than anything resembling helpful advice. Kelly has two more books, the latest one an advert for the fixed indexed annuity as the way out of the negatives of the market. To his credit, there are some facts in there - while it is always presented in a silly back and forth, or hypothetical out to scare you the most, if you look past the fluff designed to scare or confuse you, you might glean something worthwhile. But if you start looking at all the books together, things start to not make sense. Any taxes you pay are terrible, to be avoided at all costs - but he recommends you give part of your income to worthwhile organizations and charity. Hey, my taxes go to veterans, education, and plenty of worthwhile causes...so isn't that good? Bottom line: read it if you want, but realize its place as a sales tool instead of a personal financial advice aid. Read and utilize more (and many) objective sources before leaping from this ledge. Feel free to use the good parts (free money is the best money, as in 401k matches), but be skeptical when someone lays out a situation where retirees are paying 50% and more in taxes.

  2. 5 out of 5

    Jeffrey

    OK, this isn't literature of fiction, so let's take a look at the information contained within. To set the stage, let's take a look at your average retiree today. He or she is retiring on $25,000 and has a 95% chance of being dependent on the government, friends and family, or other sources outside of personal retirement funds to make ends meet. My father, for example, with an Ivy League education and an advanced degree in engineering made a good living, probably in the upper 5% of income OK, this isn't literature of fiction, so let's take a look at the information contained within. To set the stage, let's take a look at your average retiree today. He or she is retiring on $25,000 and has a 95% chance of being dependent on the government, friends and family, or other sources outside of personal retirement funds to make ends meet. My father, for example, with an Ivy League education and an advanced degree in engineering made a good living, probably in the upper 5% of income earners. Today, because of unforeseen circumstances or merely relying on a pension, he says he may outlive his retirement money. According to the author, Patrick Kelly, retirement is something most Americans are not trained to think about, that it's quite uncommon for your average worker to be as prepared as he / she should be upon retirement. The statistics above verify this point. So, what does the book talk about? Is it important? essential reading to the average American? not only for her / his benefit but to the benefit of family, friends, and country that may have to make up for the difference putting additional financial burden on an already stressed economy? YES! What does the book cover? Well, the nine financial land minds, of course. And they are: 1. Lack of Planning 2. Procrastination 3. Getting on the wrong side of Mr. Interest 4. Desire for Instant Gratification 5. Following the Masses 6. The Inertia Facto 7. A desire to Get Rich Quick 8. Lack of Generosity 9. Acting like the Future Will Never Arrive Not only is there sound financial advice, there's sound advice to live by . . . . period. If you've read other books or materials on investing, getting rich, even self-improvement literature, you'll recognize some of these principles. But the general theme here is don't be lazy, a simple follower follower, a glutton, focus solely on money, stingy, ignorant, or unaware. Actually, it's telling us to grow up, be responsible and accountable for ourselves, our families, and our country. Good advice all around. A must read for any citizen with a pulse.

  3. 4 out of 5

    Shawn

    This is certainly an easy read even though it deals with financial matters. My problem with the book is that it felt like one big brochure for the insurance industry; it felt this way because there wasn't much substance. I was expecting some thorough explanation of a few tax-free retirement strategies. Instead, only one method is mentioned and really isn't explored in depth. He says this is THE WAY to save for retirement without spending much time explaining some details or the "caveats." I This is certainly an easy read even though it deals with financial matters. My problem with the book is that it felt like one big brochure for the insurance industry; it felt this way because there wasn't much substance. I was expecting some thorough explanation of a few tax-free retirement strategies. Instead, only one method is mentioned and really isn't explored in depth. He says this is THE WAY to save for retirement without spending much time explaining some details or the "caveats." I would need to do some further research to believe what's in this book.

  4. 5 out of 5

    Kayce

    This book offered and interesting and in depth look into using life insurance as an investment tool. I certainly feel more educated about money and the way my retirement accounts will work in the distribution phase, which was my aim. I didn't particularly care for the way the book was written. He spends a lot of time giving background information (which was very informative and useful, I'm glad he did) but then keeps saying "just wait till the end of the book when I tell you my investment This book offered and interesting and in depth look into using life insurance as an investment tool. I certainly feel more educated about money and the way my retirement accounts will work in the distribution phase, which was my aim. I didn't particularly care for the way the book was written. He spends a lot of time giving background information (which was very informative and useful, I'm glad he did) but then keeps saying "just wait till the end of the book when I tell you my investment strategy" but won't tell you what it is. It feels like he's hiding something or the product is gimmicky. If this book didn't come recommended to me by someone in the industry who I trust I probably wouldn't have kept reading. So, I'm recommending the book because of how much I learned. Just know that the strategy is life insurance and it's easy to be frustrated while he plays salesman. In the end I felt like the information was fair and balanced. This strategy isn't for everyone and he doesn't try to make it seem that way.

  5. 4 out of 5

    LaQuana McNeil

    This book has great insight on other ways we can utilize our income and savings. Speaks on investing in life insurance and as an agent it will help me explain the benefits of IULs a bit more. This book has great insight on other ways we can utilize our income and savings. Speaks on investing in life insurance and as an agent it will help me explain the benefits of IUL’s a bit more.

  6. 5 out of 5

    Todd Luallen

    I Read this book as part of training for financial planning education. The book was very easy to read and presents the case for an Indexed Universal Life policy to meet the protection and retirement needs of an individual or family. As with just about anything out there in the consumer market, there are plenty of alternative opinions. Kelly takes a conservative approach to forecasting which won't be acceptable to some. It's definitely possible that in the future we may not be taxed much more I Read this book as part of training for financial planning education. The book was very easy to read and presents the case for an Indexed Universal Life policy to meet the protection and retirement needs of an individual or family. As with just about anything out there in the consumer market, there are plenty of alternative opinions. Kelly takes a conservative approach to forecasting which won't be acceptable to some. It's definitely possible that in the future we may not be taxed much more than we are now, and it's possible that a Roth IRA along with a Term Life policy would be a better route for those who don't like the option presented in this book. But what I like about Kelly is that he presents his case and stands behind it (in this book and his subsequent ones as well). If you're convinced by his arguments, you can follow his lead, if not, go your own way. Nobody has a crystal ball.

  7. 5 out of 5

    Michael Burns

    Consider this the new realm of retirement. If you think investing in a 401k or IRA is the best way to fund a retirement, the joke will be on you when you try to retire and end up either working at Wall Mart at age 70 or living a severly diminished lifestyle in retirement. Warning: Must have an open mind to accept this information. Otherwise keep watching on plugging away in the 401k and help Unlce Sam's investment account

  8. 4 out of 5

    Jonessa

    I recently got an IUL due to the advice of my financial advisor. I then was suggested to read this book as part of my training to become an advisor myself. Let me tell you, I am excited that I have an IUL. Yes, there are other ways to invest for retirement, but the IUL takes the cake. Uncle Sam can't take care of everyone. We need to start taking care of ourselves.

  9. 5 out of 5

    Eric

    I enjoyed reading this and finding a method for saving without having to give up most of it to big G. It is a great idea as it is currently untaxed but I would expect that if it grows in popularity, partially because of this book and any others out there advocating it, it won't be flying under the radar forever.

  10. 5 out of 5

    Joe Burnham

    I read this book because of my new career in insurance sales, but found myself thinking more about my own future than anything else. I'm amazed at the things that were never mentioned to me in the past and how something as simple as a universal life policy can provide so many benefits compared to traditional models of saving. I'd highly recommend it!

  11. 5 out of 5

    Tangi

    coby got this book at a convention he went to and has everyone reading it. he want to start giving it to clients because it teaches them so much about financial planning for retirement. great book for people interested in finances.

  12. 5 out of 5

    There83

    Basicly this book encourages us to take charge of our own financial situation. Be knowledgeable in where you should invest your money - dont just trust it to your financial investors, but, take charge in educating yourself, being aware for long term investment goal, not just short term minded.

  13. 5 out of 5

    Mica

    What an eye opener into the world of savings and what time can accomplish for you. I learned alot and plan to put some of the techniques into practice to make sure that we have a great retirement fund set up.

  14. 5 out of 5

    Sara Baker

    Everyone needs to read this book. Even if you don't subscribe to what the author suggests is the best retirement investment, you will learn many things that the majority of American (indeed, the world) do not know.

  15. 4 out of 5

    Takara Sights

    The book is well-written, but I disagree with the premise. I believe whole life insurance rather than universal life is a much more reliable vehicle for building a tax-free retirement. I would not recommend this strategy to anyone.

  16. 4 out of 5

    Becki

    I think this is a must read for anyone wanting a good retirement plan. It taught me a lot about what to do and what not to do. It's a very interesting book!!!!

  17. 4 out of 5

    Brandon Redfern

    Maybe theres a newer version but some of what he says isnt the case anymore. That said this is a great introduction into this the biggest problem nobody talks about. Whether people believe these are scare tactics or not the reality is we are MORE likely to see higher taxes in the future than vice versa. Many Financial Planners are not accounting for this as they get paid on the current balance. Removing taxes first means less money for them. One thing I didnt like was how he dismisses ROTH 401ks Maybe there’s a newer version but some of what he says isn’t the case anymore. That said this is a great introduction into this the biggest problem nobody talks about. Whether people believe these are scare tactics or not the reality is we are MORE likely to see higher taxes in the future than vice versa. Many Financial Planners are not accounting for this as they get paid on the current balance. Removing taxes first means less money for them. One thing I didn’t like was how he dismisses ROTH 401ks and doesn’t even bring up the backdoor ROTH but he definitely has a bias. And while I don’t personally LOVE the UL, I do think when properly done it COULD end up being the best vehicle long term (if rates ever climb again). All in all very informative and an important read for anyone who wants to learn different approaches to finance.

  18. 4 out of 5

    Haley Bibbee

    Recommended easy ready for literally everyone. Start planning early. Time is on your side.

  19. 4 out of 5

    Cody Ray

    The author has an obvious bias here and its not in the readers best interest. While his assumption is clear (that tax rates will increase), he doesn't make it clear that his conclusions are incorrect if his assumption doesn't hold. (Basic math: there's no difference paying taxes now versus later if tax rates are the same; i.e., principle * (1+rate)^time * taxes = principle * taxes * (1+rate)^time.) He also bypasses historical _effective_ tax rate information which shows that the effective rate The author has an obvious bias here and its not in the readers best interest. While his assumption is clear (that tax rates will increase), he doesn't make it clear that his conclusions are incorrect if his assumption doesn't hold. (Basic math: there's no difference paying taxes now versus later if tax rates are the same; i.e., principle * (1+rate)^time * taxes = principle * taxes * (1+rate)^time.) He also bypasses historical _effective_ tax rate information which shows that the effective rate has remained far more stable than the marginal rates over time due to changing deductions and limits; this is likely part of innate behavioral finances: just like people want typically 6+% for equity risk, people are only willing to sacrifice ~20% of their income to taxes. Most of what he says can only be achieved with life insurance can also be achieved using a far-simpler Roth IRA or the Backdoor Roth equivalent if you're over the income limit (which he fails to mention exists, or does so only in fine print).

  20. 4 out of 5

    Kristin Anderson

    This book does a great job of presenting some overall basics about investing money for retirement. It was good to read about tax free money and tax deferred money. I also enjoyed gaining a better understanding of the benefits of investing in a universal life insurance policy for more than just the death benefit - but also the benefit of investing for retirement and/or other reasons. I would have liked to have had a little more of the book focus on comparison between a Roth IRA and a universal This book does a great job of presenting some overall basics about investing money for retirement. It was good to read about tax free money and tax deferred money. I also enjoyed gaining a better understanding of the benefits of investing in a universal life insurance policy for more than just the death benefit - but also the benefit of investing for retirement and/or other reasons. I would have liked to have had a little more of the book focus on comparison between a Roth IRA and a universal life insurance plan and also would have liked it to cover more on options to saving money for our children for college/missions. It was a very quick and enjoyable read for a financial book.

  21. 4 out of 5

    Zachary Kjellberg

    As other reviews have mentioned, the book is fairly quick to read and provides an interesting perspective on retirement planning. The book focuses heavily on benefits of investing into tax free retirement plans. Sadly, I found the final third of the book to be quite annoying as it turns into a marketing pitch for life insurance. While this may be beneficial for some people, I disliked how the book preached on how everyone should be investing into these plans without a comparison of the benefits. As other reviews have mentioned, the book is fairly quick to read and provides an interesting perspective on retirement planning. The book focuses heavily on benefits of investing into tax free retirement plans. Sadly, I found the final third of the book to be quite annoying as it turns into a marketing pitch for life insurance. While this may be beneficial for some people, I disliked how the book preached on how everyone should be investing into these plans without a comparison of the benefits. This book has not changed my retirement plans.

  22. 5 out of 5

    Branton

    I'll let you know what I think when I get through it a little further.

  23. 5 out of 5

    Caleb Ripple

    Good information and easy to read.

  24. 5 out of 5

    Oasix21

    A good read.

  25. 5 out of 5

    Pratama

    I'm sure with you when we hope that tax is fair,but in the other hand,it is not true

  26. 4 out of 5

    Troy Clark

    Makes you think twice about your views on insurance. A very quick and enlightening read everybody should add to their book list.

  27. 4 out of 5

    Kevin Anderson

    This book was excellent! A must read for everyone! I am excited to start putting the things I learned into practice.

  28. 4 out of 5

    Elizabeth

    Greg and I read this book together. I wish I could have given it a 2.5 A Roth IRA is a great idea; however, this book took too long to hit the main point. It is also redundant.

  29. 5 out of 5

    Yellowbeetle02

    really got our minds turning about financial things!

  30. 5 out of 5

    Daniel

    This book reveals some secrets that the wealthy have known and used for generations. Are you going to follow the majority or use these secrets to get ahead?

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