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White Coat Investor Podcast
WCI #341: How to Surrender One of Those Nasty Indexed Universal Life Insurance Policies
Nov 16, 2023
32:57
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Topics discussed in this podcast include tax implications of partner income, surrendering an indexed universal life insurance policy, affordability of legal services, disability insurance for medical students, analyzing the performance of a total bond market fund, and making wise investment decisions.
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Quick takeaways
- A solo 401(k) is a better retirement savings option than a SEP IRA due to more favorable contribution limits and rules.
- When considering tax strategies, it is important to explore alternatives if the employer does not offer a cash balance plan.
Deep dives
Considerations for Retirement Accounts and Taxes
The speaker advises a neurologist on the best approach to retirement savings using a 401(k) and SEP IRA. The accountant gave inaccurate advice suggesting a SEP IRA, but the speaker corrects this, explaining that a solo 401(k) is a better option. The speaker also clarifies the rules for multiple 401(k) contribution limits and the importance of understanding these when planning retirement savings.
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