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When it comes to saving for retirement, it’s not just about how much money you can accumulate, but you also need to consider the amount of taxes you will have on your retirement income. 

Most of your income will be subject to federal, state, social security, Medicare, and – in some cases – local or city taxation. And if you’re depending on your 401(k) or IRA – think again - you risk having up to 50% of your money going to Uncle Sam. 

With all of these taxes, a good question to ask yourself is: Do you think tax rates are going to go up in the future or down? 

An easy way to answer that is to think about the amount of debt the US currently owes. Over $17 trillion dollars and counting!

The best approach when planning for retirement is to create an account in your own name – an account you control – that is protected from market volatility and is a tax-free account. What retirement account has those benefits? It’s life insurance!