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Supplement Your Retirement Income (and Save Tax) Using Universal Life Insurance Strategies

Keep You Cottage Preserve Your Wealth Provide a Legacy Lower Your Tax Bill
Customized Insurance Protect Your Savings Loan Into Income Minimize Taxes
Permanent Protection Tax Efficient Inheritance Supplemental Income
Term Free Income Save $ On Your Loan Lower Volatility

Supplement Your Retirement Income (and Save Tax) Using Universal Life Insurance
Chances are, when you think about saving for retirement you concentrate on accumulating registered assets in the years leading up to retirement. But what about the years after retirement?

Many people do not realize that income drawn from a registered plan is subject to annual taxation. How can you continue to defer taxes on your savings during your retirement years?

There is a solution, which I call the Retirement Income Maximizer, and it will appeal to you if you generally contribute the maximum to your RRSP and still have a sizable sum of money to invest for the long term.

The way it works is simple. You invest your non-registered assets into a properly structured Universal Life (UL) policy. Unlike regular non-registered investments, investments in a Universal Life plan are tax-deferred (just like an RRSP), as long as they are held in the plan.

Once you retire, instead of using your RRIF to provide the bulk of your retirement income, you only withdraw the minimum. To make up the shortfall you then access the money built up in the UL policy using a loan or series of loans using the policy as collateral. Unlike income from a RRIF that exceeds the government-prescribed minimum, income from a bank loan is not subject to taxation. Many banks will loan up to 90% of the Cash Surrender Value of your policy and will not require repayment until your death, upon which the loan is repaid using the death benefit of the UL policy. As a further benefit, any death benefit remaining after the loan is paid goes to your heirs.

Free Insurnce quotes over the PhoneTo see how well this strategy will work for your specific situation, please give us a call at 1-877-628-6762

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