Financial Planner Nicholas Ockenga considers if life insurance and annuities could work as retirement savings vehicles in the MoneyGeek article "401(k) vs. Life Insurance: Which One Is Better for Retirement?"
While some people have touted life insurance and annuities as tools to increase retirement savings, Nick dove into why you may be better off going the traditional route. He explains how "Even though insurance products grow tax-deferred, you are putting after-tax money into them, making them less efficient than a retirement account, whether pre-tax or ROTH." From his experience, Nick has found that using tools for their respective purposes tends to work best for most people.
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Read Ockenga's insights here.
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