Broker Check

The Road Ahead: Life Insurance & Retirement

| September 26, 2022

Whether you’re just setting out in your career or counting down the last days till endless time off, retirement is top of mind for
many. And for good reason: it takes a lot of planning and a lot of saving.

You’re likely familiar with the many ways that individuals save for their retirement. For some, their employers may offer
retirement plans that they can participate in. For others, they may utilize vehicles like an IRA or a Roth IRA. Like their retirement
goals, everyone’s strategy is different.

Did you know that whole life insurance may be another way to help save while also providing you and your family financial
protection through its death benefit?

Whole life’s cash value benefit accumulates over the life of your policy and is insulated from the market fluctuations that can
impact other ways of saving.  You can use it for whatever reason you may need during or before retirement and is not
considered as part of the Social Security taxation formula.

This infographic is a useful resource that illustrates the benefits of owning a whole life insurance policy as a means to help you in
your retirement years.

Some individuals may finally be emptying their nest and ready to plan for their new chapter as a retiree. It’s no secret that Social
Security benefits may not be sufficient to cover all your costs. Consider the value that a life insurance policy can add to your
overall portfolio when it comes to your wealth and retirement strategies. Connect with a financial professional at Certified Financial Services to learn more.

1Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to
your financial representative and refer to your individual whole life policy illustration for more information.
2Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan
interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans
considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated
like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be
subject to a 10% federal tax penalty.
3Guardian, its subsidiaries, agents and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting
professional regarding your individual situation.
4 Contact the Social Security Administration for complete details regarding eligibility for benefits